The Central Government Gives Shenzhen More Autonomy in Pilot Reforms
On 11 October 2020, the general offices of the Communist Party of China Central Committee and the State Council of the PRC has issued a plan on implementing pilot reforms in Shenzhen to build the city into a demonstration area of socialism with Chinese characteristics in the next five years (hereinafter referred to as the Plan). The Plan grants Shenzhen greater autonomy in pilot reforms, which mainly include:
- Entrust Shenzhen Municipal Government to approve the conversion of agricultural land except permanent basic farmland to construction land.
- Explore special working hour management systems that meet the development needs of new technologies, new forms of business, new industries and new models.
- Support pilot reforms in capital market construction, allow innovative enterprise to issue shares or Chinese Depository Receipt (CDR) in China, promote the development and application of digital RMB and international cooperation.
- Improve the systems for converting scientific and technological achievements, and deepen the reform of the right to use, dispose of and earn from scientific and technological achievements.
- Improve the data property rights system, explore the establishment of data trading markets or carry out data trading based on existing trading venues.
- Formulate a list of special measures to relax market access restriction in Shenzhen, relax restrictions on sectors including energy, telecommunication, public service, transportation and education, further relax restrictions on foreign investment in cutting-edge technologies.
- Pilot the legal protection of new intellectual property rights, establish a compensation system for intellectual property rights infringements.
- Support Shenzhen to expand legislative space for special economic zone, explore legislation in emerging areas.
- Establish an internationally competitive system for the recruitment of talents, explore the establishment of a highly convenient system for the practice of overseas professionals, and ease the restrictions on overseas personnel (excluding medical and health personnel) participating in various vocational qualification examination.
- Further open financial, shipping and other sectors to foreign investment.
- More provincial-level administrative powers will be granted to Shenzhen.
According to the Plan, major reform measures will be launched in key sectors and the first list of pilot reforms will be formulated and implemented this year. Kaizen will keep a close eye on the release of further rules and polices.
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