China unveils guidelines to deepen reforms in Shenzhen

BEIJING -- China will further advance comprehensive reforms in the vibrant southern city of Shenzhen, and push for greater innovation and opening-up in the city, according to a set of guidelines unveiled Tuesday.

The guidelines, issued by the general offices of the Communist Party of China Central Committee and the State Council, highlighted a new batch of reform measures for Shenzhen to break institutional barriers in education, science, and talent development. They emphasize strengthening the integration of innovation, industrial, capital, and talent chains, while exploring new pathways, scenarios, and platforms for Guangdong-Hong Kong-Macao Greater Bay Area (GBA) cooperation. They aim to pioneer modernization in the construction of a globally oriented, innovation-driven city.

By advancing reforms and opening-up at a higher starting point, to a higher level, and for higher goals, Shenzhen will generate more replicable and scalable best practices. It will further amplify its role as a key engine in the GBA and as a radiating hub in the national development strategy. These efforts will contribute to building China into a modern socialist country in all respects, the guidelines said.

Among the reform measures, overseas investors are encouraged to establish vocational training institutions in Shenzhen in compliance with regulations and introduce advanced training programs, faculty, and teaching methodologies.

Employers in Shenzhen shall be granted greater autonomy in recruiting overseas talent and their management, according to the guidelines.

To support financing for the real economy, insurance funds are supported to invest in private equity funds and venture capital funds that are established in Shenzhen with a primary focus on specific sectors. GBA enterprises listed on the Hong Kong Stock Exchange are permitted to also list on the Shenzhen Stock Exchange in accordance with applicable policies.

Shenzhen will carry out reforms to enhance data security governance and regulatory capabilities, and explore efficient, convenient and secure cross-border data flow mechanisms in compliance with laws, regulations, and relevant requirements, the guidelines said.

The progress made in the comprehensive reform pilot programs will be closely monitored, the achievements be consolidated, and the proven experiences and effective practices be solidified and promoted on a larger scale, according to the guidelines.