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China unveils its Shenzhen plan to court investment

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Shenzhen would offer better intellectual property protection and streamline visa regulations and other changes to attract talent and investors

China yesterday announced measures that would give its booming southern city of Shenzhen more autonomy as Beijing seeks to raise the region’s profile as a technology and financial hub amid tensions with the United States.

China’s National Development and Reform Commission has released a reform list for Shenzhen that includes steps for financial markets, intellectual property protection, economic legislation, and talent attraction.

Support policies for Shenzhen are more than those given to the free trade zone in southern China’s island province Hainan, former deputy commission director Peng Sen said ().

Photo: Reuters

The city is home to some of China’s leading tech giants, including Huawei Technologies Co () and Tencent Holdings Ltd (), and is a crucial part of Beijing’s plan to foster economic integration with Hong Kong and Macau in the so-called Great Bay region to finally compete with Tokyo Bay or Silicon Valley.

In a speech commemorating the 40th anniversary of the establishment of Shenzhens as a special economic zone on Wednesday, Chinese President Xi Jinping () said the city should also be given greater autonomy for reforms and strive to solve any problem related to dizzying growth.

The interests of foreign investors should be better taken into account through measures including the protection of intellectual rights, he said.

According to some of the key measures covered by the list, Shenzhen is to launch a stock futures index, and innovative companies can hold initial public offerings on the Shenzhen Stock Exchange with certificates of deposit.

State-owned enterprises in the region would be given greater autonomy to carry out market-based reforms, the commission said.

Shenzhen would build a new intellectual property rights protection system that provides protection for digital intellectual property and punishes infringements, he said.

Foreign ownership restrictions in telecommunications would be lifted and Shenzhen would streamline visa rules to attract talent, the commission said.

The city would be allowed to issue local government bonds abroad, denominated in yuan, and designated medical institutions in nine mainland cities of the Great Bay region will be allowed to use drugs available in Hong Kong and Macau, he added.

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