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China gives Shenzhen more autonomy for market reform, integration

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A giant screen shows news footage of Chinese President Xi Jinping speaking at an event marking the 40th anniversary of the founding of the Special Economic Zone outside a shopping mall in Beijing, China, on October 14, 2020. REUTERS / Carlos Garcia Rawlins

SHANGHAI (Reuters) – China on Sunday detailed steps to give Shenzhen more autonomy, allowing pilot reforms of the financial center and southern technology in market development and economic integration.

The changes announced by the National Development and Reform Commission include more flexibility to pursue reforms in areas such as land use and cross-border arbitration.

Shenzhen will launch stock and futures index products and will be allowed to issue local government bonds labeled offshore. Some companies will be allowed, through pilot projects, to issue shares or Chinese Deposit Invoices, which allow Chinese tech companies listed overseas to also list at home.

The Commission outlines the steps to further integrate the Great Bay Area: Shenzhen and eight other cities in Guangdong Province, as well as the adjacent territories of Hong Kong and Macau.

These measures include setting up a big data center, experimenting with approved drug use across territories, and setting up a cross-border arbitration center.

Last week, President Xi Jinping visited Shenzhen to commemorate 40 years since it was established as China’s first economic zone.

Xi called on Shenzhen to strengthen property rights and protect entrepreneurs, saying the Shenzhen government will have more room to pursue reforms and become a model city.

Reporting by Emily Chow and Wang Jing; Additional reports by Samuel Shen and David Kirton; Edited by William Mallard

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