China has issued a comprehensive 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 advance 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 Central Committee and the State Council.
By 2025, Shenzhen will become one of the world’s leading cities in terms of economic strength and quality of development. Its research and development input, industrial innovation capacity, and the quality of its public services and ecological environment will be first-rate in the world, according to the plan.
The document said the Central Government will support deepening exploration in the land management system, which will give the Shenzhen government more room and flexibility to manage its land system and market.
The Central Government will also support Shenzhen to be the pioneer in building a capital market. Shenzhen’s ChiNext board just streamlined the listing process in June and allows IPO pricing to be fully determined by the market.
Per the plan, the government will further loosen restrictions on foreign investment in cutting-edge technologies in the tech hub.
Shenzhen is China’s first special economic zone. The city has a population of over 13 million, and its gross domestic product was nearly 2.7 trillion yuan (about US$396.9 billion). Known as China’s Silicon Valley, Shenzhen is also home to high-tech companies like Huawei, Tencent, ZTE and DJI.