China will further advance pilot comprehensive reforms in the vibrant southern city of Shenzhen, and push for greater innovation and opening-up in the city, according to a set of guidelines unveiled Tuesday.
The guidelines, issued by the general offices of the Communist Party of China Central Committee and the State Council, highlight a new batch of reform measures for Shenzhen to break institutional barriers in education, science, and talent development.
They emphasize strengthening the integration of innovation, industrial, capital, and talent chains, while exploring new pathways, scenarios, and platforms for Guangdong-Hong Kong-Macao Greater Bay Area (GBA) cooperation. They aim to pioneer modernization in the construction of a globally oriented, innovation-driven city.
By advancing reforms and opening-up at a higher starting point, to a higher level, and for higher goals, Shenzhen will generate more replicable and scalable best practices. It will further amplify its role as a key engine in the GBA and as a radiating hub in the national development strategy. These efforts will contribute to building China into a modern socialist country in all respects, the guidelines said.
Among the reform measures, overseas investors are encouraged to establish vocational training institutions in Shenzhen in compliance with regulations and introduce advanced training programs, faculty, and teaching methodologies.
Employers in Shenzhen shall be granted greater autonomy in recruiting overseas professionals and their management, according to the guidelines.
To support financing for the real economy, insurance funds are supported to invest in private equity funds and venture capital funds that are established in Shenzhen with a primary focus on specific sectors. GBA enterprises listed on the Hong Kong Stock Exchange are permitted to also list on the Shenzhen Stock Exchange in accordance with applicable policies.
Shenzhen will carry out reforms to enhance data security governance and regulatory capabilities, and explore efficient, convenient and secure cross-border data flow mechanisms in compliance with laws, regulations, and relevant requirements, the guidelines said.
The progress made in the comprehensive reform pilot programs will be closely monitored, the achievements be consolidated, and the proven experiences and effective practices be solidified and promoted on a larger scale, according to the guidelines.
In terms of emerging industries, the guidelines propose exploring the application mechanisms for artificial intelligence-assisted medical equipment access. They also aim to establish rules and standards for data collection, integrated sharing, and compliant use of such equipment, all while ensuring safety and controllability.
Additionally, the guidelines support Shenzhen in deepening the reform and innovation of its unmanned aerial vehicle flight management system, enhancing low-altitude flight supervision regulations, and exploring the development of general aviation services, including cross-border helicopter flights and public welfare initiatives.
"By leveraging finance, technology, and data to empower the real economy, the guideline aims to promote innovative resource allocation that better serves industrial development. Its goal is to expand new avenues, scenarios, and platforms for cooperation within the Greater Bay Area (GBA), leading the way in building a modern, international, and innovative city. We aim to create advanced experiences that can be replicated and promoted," said Luo Rong, director of the Institute for International Economic Research of the Academy of Macroeconomic Research of the National Development and Reform Commission.
China unveils guidelines to deepen reforms in Shenzhen
