The State Council's investigation report said the landslide in which a mountain of construction waste that had been piled up against a hill collapsed during heavy rains onto an industrial park was an "extraordinarily serious production safety accident."
The December 20 landslide destroyed 33 buildings and resulted in "direct economic losses" of USD 132 million, the report said.
Shenzhen is a major manufacturing centre, making everything from cellphones to cars, and it attracts workers from all parts of China.
A week after the landslide, a local government official heading the city's urban management bureau killed himself by jumping from a building.