China innovation hub Shenzhen poised to lead economic-rejuvenation drive with 55-point plan
- With a raft of measures to lure investors and modernise China’s innovation hub, Shenzhen’s policymakers are moving to counter trade protectionism and tech decoupling
- Between Washington’s tech siege and supply-chain shifts, Shenzhen wants to boost regional ties while appealing to foreign investors in booming manufacturing industries
China’s southern city of Shenzhen is intensifying efforts to improve the local market environment, making it more appealing to investors and boosting the region’s prowess, which a reform expert said could help it survive Washington’s technology siege and open new doors in the country’s economic transition.
The city, the forefront of China’s reform and opening up, issued three documents with 55 measures over the weekend to optimise its business environment by enhancing the rules of law, appealing to foreign business, and aligning with leading trade rules.
Looking to turn itself to China’s so-called Silicon Valley, Shenzhen is planning to further draw on international trade rules and overseas laws to attract more foreign investment and seek a stronger footing in the push for the Greater Bay Area.
The moves come at a time when all levels of government across China try to reinvigorate the economy, while Shenzhen, home to tech giant Huawei Technologies and internet services firm Tencent, can offer more experience to draw on.
It said it will upgrade its service industries and consolidate its manufacturing clusters, bringing them more into the global supply chain.
The city seeks to strengthen cooperation with Hong Kong and Macau in terms of laws, auditing and consultancy, and vowed to develop a modern service sector contributing more than 77 per cent of the total value of the service sector by 2025.
