In next 5 years, Shenzhen will advance higher-level reform & opening-up towards higher goals.

China has issued a Plan on implementing pilot reforms in Shenzhen to build the City into a demonstration area of socialism with Chinese characteristics in the next five years.

Supporting Shenzhen to pilot the comprehensive authorized reform measures is another significant step to advancing the city’s opening-up in the new era and a key move in building a pilot demonstration area of socialism with Chinese characteristics, said the document jointly issued by the general offices of the Communist Party of China (CPC) Central Committee and the State Council.

The city, granted with greater autonomy in the reform of important areas and key links, will advance higher-level reform and opening-up towards higher goals, according to the plan set for the 2020-2025 period.

Under three-step objectives, in 2020, major reform measures are expected to be taken in the spheres of market-based allocation of production factors, business environment optimization, and the utilization of urban space, while a list specifying the first batch of authorized matters shall be formulated and implemented.

In 2022, significant institutional achievements that can be replicated and promoted shall be made in all relevant aspects. In 2025, landmark achievements shall be scored, with the pilot reform tasks basically completed and providing an essential paradigm for institutional building throughout the country.

To further optimize the business environment, the plan said the special economic zone will draw up a list of special measures to relax restrictions on sectors including energy, telecommunication, public service, transport and education based on the nationwide negative list.

Greater efforts will be made to further loosen limits on foreign investment in cutting-edge technologies and improve the system of fair competition, the document said. The city will pilot the legal protection of new intellectual property rights, establish a compensation system for IPR infringements and explore legislation in emerging areas.

Currently; ASEAN is Shenzhen’s largest Trading Partner in Belt & Road and Other Countries. Shenzhen has made its brightest performance in the Foreign Trade.

In addition, the Foreign Trade of Private Enterprises improved rapidly in March, showing strong resilience. Data shows trade with Belt & Road Countries increased by 11.8% in March.

Among the export products, mechanical and electrical products accounted for more than 70%, among which the export of automatic data processing equipment such as computers and their parts grew rapidly.

Author: Nadeem Xu