Experts offer ideas on fostering global biz environment

Experts have offered suggestions on Shenzhen’s endeavors to harness international innovation resources and enhance its global service capabilities in a move to accelerate the creation of an internationalized and globally competitive business environment.

On Aug. 6, Shenzhen issued a three-year plan (2023-2025), aiming to further stimulate market vitality and expedite the establishment of a globally competitive business environment. The plan outlines 12 major tasks dedicated to optimizing the internationalized business environment and improving the city’s appeal and global competitiveness. They include the construction of an open industrial innovation ecosystem, an international service system for global resource allocation, the implementation of a high-standard investment and trade service mechanism, and the creation of a livable and high-quality business-friendly environment. The plan also emphasizes the expansion of scientific and technological exchanges with other countries and regions.

Following the release of the plan, Zhang Yansheng, chief researcher at the China Center for Economic Exchanges, shared his insights during an interview with Shenzhen TV. He emphasized the importance of addressing key challenges to foster a globally competitive business environment and highlighted the need for Shenzhen to effectively aggregate leading global innovation resources and attract top-notch international talents.

“To attract global innovation resources, we need globally acclaimed research-oriented universities, advanced fundamental scientific research, generic technology research and development, as well as testing research. These efforts are closely intertwined with the creation of an open industrial innovation ecosystem, an international innovation mechanism, and international innovation partnerships,” Zhang said.

The ability to draw world-class talent hinges on Shenzhen’s stature as a prominent international metropolis. “For Shenzhen to succeed, it needs to be a livable, environmentally friendly, open, inclusive and smart city. These criteria impose a higher standard on enhancing the city’s urban functions,” Zhang added.

Regarding the consolidation of global innovation resources, the three-year plan places significant emphasis on cooperative efforts, including international collaborations involving governments, enterprises and research institutions. The strategy encompasses international forums, conferences, and the exchange of information.

“From the plan, we can see that Shenzhen is actively and systematically advancing its strategy for consolidating innovation resources,” Wang Yunxing, head of the Public Economy Research Institute at the China Development Institute, said at an interview.

The plan also outlines Shenzhen’s ambition to cultivate a production-oriented service industry system. By 2025, the added value of the modern service industry in Shenzhen is expected to account for 77% of the total service sector, with foreign capital utilization in the high-tech industry projected to exceed US$4 billion.

Zhang underscored the significance of the production-oriented service industry as a key indicator for gauging the level of the city’s business environment. He further asserted that this endeavor presents another challenge for Shenzhen to overcome.

“Shenzhen should try to attract more talents to the production-oriented service industry, which includes research and technology support, consultancy, design, talent services and other professional services,” Zhang said.

Du Yingjie, deputy chairman of the Shenzhen Association of Trade in Services, thought that improving services for international talents and businesses is crucial in optimizing the city’s international business environment.

“While Shenzhen boasts a wealth of talent in the service and trade sectors, there remains a shortage of high-caliber professionals in areas such as software, information technology, finance and insurance. Nurturing talents and optimizing talent allocation in these sectors will be crucial in propelling Shenzhen’s industries to new heights within the global high-end value chain,” Du stated.