A set of guidelines unveiled on Tuesday reveals that China will push forward comprehensive reforms in the dynamic southern city of Shenzhen and strive for greater innovation and opening – up in the city.
Issued by the general offices of the Communist Party of China Central Committee and the State Council, these guidelines outline a series of new reform measures. In the fields of education, science, and talent development, Shenzhen is tasked with breaking institutional barriers. The guidelines place emphasis on strengthening the integration of innovation, industrial, capital, and talent chains. Moreover, they encourage the exploration of new pathways, scenarios, and platforms for cooperation within the Guangdong – Hong Kong – Macao Greater Bay Area (GBA), with the ultimate goal of pioneering modernization in the construction of a globally oriented, innovation – driven city
These comprehensive reform pilot programs are expected to achieve higher – level and more far – reaching results. Shenzhen will not only generate more replicable and scalable best practices but also further enhance its role as a key engine in the GBA and a radiating hub in the national development strategy. All these efforts are in line with the national strategy of building China into a modern socialist country in all respects
Specific reform measures include:
Education and Talent: Encouraging overseas investors to set up vocational training institutions in Shenzhen in accordance with regulations, and introducing advanced training programs, faculty, and teaching methodologies
Talent Recruitment: Granting employers in Shenzhen greater autonomy in recruiting overseas talent and managing them
Financial Support for the Real Economy: Supporting insurance funds to invest in private equity funds and venture capital funds established in Shenzhen, which primarily focus on specific sectors
GBA Cooperation in the Capital Market: Allowing GBA enterprises listed on the Hong Kong Stock Exchange to list on the Shenzhen Stock Exchange in accordance with applicable policies
Data Security and Cross – border Data Flow: Carrying out reforms to enhance data security governance and regulatory capabilities, and exploring efficient, convenient, and secure cross – border data flow mechanisms in compliance with laws, regulations, and relevant requirements
The guidelines also stress that the progress of the comprehensive reform pilot programs will be closely monitored. Achievements will be consolidated, and proven experiences and effective practices will be solidified and promoted on a larger scale
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