China gives Shenzhen more autonomy for market reform, integration
China on Sunday unveiled a list of 40 measures to grant more autonomy to Shenzhen, letting the southern financial and technology hub pilot reforms 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 index-futures products and will be allowed to issue offshore yuan-denominated local government bonds. Some companies will be allowed, via pilot projects, to issue shares or Chinese Depositary Receipts, which allow Chinese tech companies listed overseas to also list at home.
The commission lists steps to further integrate the Greater Bay Area: Shenzhen and eight other cities in Guangdong Province, as well as Hong Kong and Macau. These measures include establishing a big-data center, experimenting with approved drug use, and establishing a cross-border arbitration center.
The list followed the release of a plan for the same purpose earlier this month and focused on its implementation, featuring entries regarding the market-oriented allocation of production factors, the business environment, science and technology innovation, opening up, public services, as well as environmental and urban space governance.
Over half of the measures would require adjustments to existing laws and regulations.