China reveals new guidelines to deepen reforms in Shenzhen primarily focusing on removing institutional barriers.
China is set to deepen sweeping reforms in Shenzhen, a dynamic southern city, to promote greater innovation and openness, as outlined in a new set of guidelines released on Tuesday.
Jointly issued by the Communist Party of China Central Committee and the State Council, the document introduces new reform strategies aimed at eliminating systemic barriers in education, scientific research, and talent development. It calls for stronger integration across innovation, industry, capital, and talent, while encouraging fresh models of collaboration within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), to position Shenzhen as a modern, globally competitive innovation center.
By implementing reforms from a higher starting point, at an elevated level, and with broader objectives, Shenzhen is expected to develop innovative practices that can be adopted elsewhere. It will reinforce its role as a growth driver within the GBA and support China’s broader national development goals toward becoming a fully modern socialist nation.
Key measures include allowing foreign investors to set up vocational training centers in Shenzhen, provided they comply with local rules, and to bring in cutting-edge training content, instructors, and methods.
Employers in Shenzhen will gain more flexibility in hiring and managing international talent, according to the guidelines.
To better support the real economy, the guidelines encourage the use of insurance funds to invest in private equity and venture capital funds based in Shenzhen that target specific industries. Companies from the GBA already listed in Hong Kong will also be allowed to pursue listings on the Shenzhen Stock Exchange, following regulatory protocols.
Reforms will also focus on strengthening data security governance and exploring legal, efficient, and secure mechanisms for cross-border data flow.
The implementation of these reforms will be closely monitored to ensure the lessons learned and effective methods are reinforced and expanded nationwide, the guidelines emphasize.
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