China has announced a set of groundbreaking guidelines aimed at transforming the vibrant southern city of Shenzhen into a global innovation hub.
The new guidelines, issued by the general offices of the Communist Party of China Central Committee and the State Council on Tuesday, outline comprehensive reforms to break down institutional barriers in education, science, and talent development.
Key highlights include strengthening the integration of innovation, industry, capital, and talent chains. The measures seek to explore new pathways and platforms for cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), positioning Shenzhen at the forefront of modernization.
By pushing reforms and opening-up to higher levels, Shenzhen is expected to generate innovative practices that can be replicated and scaled across China. The city will further amplify its role as a key engine in the GBA and contribute to building China into a modern socialist country in all respects, according to the guidelines.
The reforms encourage overseas investors to establish vocational training institutions in Shenzhen, introducing advanced teaching programs and methodologies. Employers in the city will gain greater autonomy in recruiting and managing overseas talent, making Shenzhen even more attractive to global professionals.
To boost financing for the real economy, insurance funds are supported to invest in private equity and venture capital funds established in Shenzhen. Additionally, GBA enterprises listed on the Hong Kong Stock Exchange will be permitted to also list on the Shenzhen Stock Exchange, enhancing financial connectivity.
In the realm of data security, Shenzhen will implement reforms to enhance governance and regulatory capabilities. The city will explore efficient and secure cross-border data flow mechanisms, aligning with laws and regulations.
The progress of these comprehensive reform pilot programs will be closely monitored, with successful experiences set to be promoted on a larger scale, the guidelines stated.
This bold move underscores China’s commitment to innovation and opening-up, positioning Shenzhen as a beacon for economic and technological advancement in the region.
