Reform pioneer Shenzhen to open new chapter of innovation, opening up

An aerial drone photo taken on Aug. 27, 2024 shows a view of Shenzhen, south China's Guangdong Province. [Photo/Xinhua]

The southern Chinese city of Shenzhen, a reform pioneer, is poised to take bold new steps as the country recently announced a policy package aimed at deepening the city's leading role in reform, innovation and opening up.

A set of guidelines released Tuesday by the central authorities highlighted a new batch of measures for Shenzhen to break institutional barriers in education, science and talent development; strengthen the integration of innovation, industrial, capital, and talent chains; and explore new cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

Shenzhen, a vibrant city in Guangdong Province, is encouraged to pioneer the development of a modernized, globally oriented, and innovation-driven city, according to the official document.

Reform vanguard 

In 2020, which marks the 40th anniversary of the special economic zone of Shenzhen, China launched a comprehensive reform pilot in the city, reinforcing its pivotal role in the country's broader reform and opening-up agenda.

Shenzhen has made substantial progress over the past nearly five years, Li Chunlin, deputy director of the National Development and Reform Commission, told a press briefing on Thursday, noting that key breakthroughs have been achieved in vital areas, with a series of influential reform outcomes.

The city maintained a vibrant annual GDP growth rate of 5.5 percent from 2020 to 2024, and made valuable explorations in reform, said Qin Weizhong, Mayor of Shenzhen.

Among the pioneering initiatives were a cross-border fund pool that enables multinationals to streamline financial operations, intellectual property (IP) backed securities to support tech startups, industry-leading standards in areas from data to e-commerce, and groundbreaking regulations in fields such as artificial intelligence (AI) and intelligent connected vehicles.

The newly released policy package is an upgraded version of the 2020 reform plan, reiterating China's unwavering commitment to deepening reform and opening up, Li said.

Key measures include joint university-enterprise programs to nurture skilled tech talent, access for Hong Kong-listed firms to go public in Shenzhen, international trade innovations like electronic documents, and the use of digital renminbi in more scenarios.

These pioneering reforms are designed to lead by example and will have significant demonstration effects, Li said.

Innovation hub 

Speaking at the press conference, Miao Hong, deputy secretary-general of the Ministry of Science and Technology, vowed to support Shenzhen in building the GBA into a global technological innovation center and strengthening innovation capabilities.

Qin emphasized the city's focus on new quality productive forces, particularly in strategic sectors like AI and the low-altitude economy.

Shenzhen aims to make breakthroughs in core technologies, explore AI-assisted medical devices and low-altitude airspace management, and cultivate more high-growth, globally competitive enterprises, according to the mayor.

The city has nurtured over 2,600 major AI enterprises and enacted China's first local legislation on the low-altitude economy, launching nearly 300 drone routes with over 1.7 million cargo flights.

The innovation ecosystem is thriving, with R&D input accounting for 6.46 percent of Shenzhen's GDP in 2023. Home to over 25,000 national high-tech enterprises, the city has led the country in patent authorizations for seven consecutive years, with 241,900 patents granted in 2024.

"Shenzhen has the foundation, conditions and capability to lead in building a comprehensive innovation system," said Zhang Hu, executive vice governor of Guangdong Province, noting that the well-timed new policy will inject powerful momentum into Shenzhen's sci-tech structural reform.