SHENZHEN has announced 20 reform measures encompassing 126 policies to improve its business investment and market environment, the Shenzhen Special Zone Daily reported yesterday.
The measures and policies, tailored for Shenzhen and referring to the experiences of advanced countries and regions such as Singapore and Hong Kong as well as the World Bank's business environment evaluation system, highlight six aspects: trade investment, industry development, talent development, administrative approval, green development and rule of law.
The move aims to create a world-class business environment in government service, management standardization, market vitality and comprehensive costs in the city, according to the report.
Thirty of the policies focus on promoting Shenzhen-Hong Kong financial cooperation, facilitating international trade and advancing customs declaration supervision reforms while another 35 specialize in optimizing the allocation of industrial space resources, reducing enterprise operational costs and taxes, addressing financing difficulties and providing more support for innovation.
Sixteen policies were unveiled to lure talents, including favorable housing policies, quality public services for overseas-educated professionals, and making visas and work permits easier for expats working in the city to obtain.
The government will also cut red tape in administrative approvals for enterprise registration, construction permits, tax payments, electricity power application and installation, and property registration.
To build a more livable city, the city will explore ways to set up an environmental protection court, draw up regulations on natural coastline control and marine ecology red line management.
Intellectual property rights protection is also at the top of the policy list. The city will implement the punitive compensation system for IPR infringements.
Shenzhen's move answers a call by President Xi Jinping, who said at a meeting of the Central Leading Group on Finance and Economic Affairs in July last year that China should improve its investment and market environment, accelerate opening up to the outside world and lower operating costs.
He urged megacities like Beijing, Shanghai, Guangzhou, and Shenzhen to take the lead in improving their business environment, demanding moves to reduce inspections and fines on companies and ban illegal fee charging.