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Reform and Opening Up

2018-08-09

Shenzhen has been giving full play to its advantageous geographical location, business environment and popularity to play a role in promoting the Belt and Road initiative. By innovating investment and trade rules and intensifying regional collaborations, Shenzhen is making a contribution to the Initiative and fuel the development of the 21st Century Maritime Silk Road. The city will continue to open up and collaborate with its partners from home and abroad to jointly promote the development of the Guangdong-Hong Kong-Macao Greater Bay Area.

Shenzhen has continued its unyielding efforts in reform and opening up, making breakthoughs in key sectors. It has introduced an array of new policies and regulations to improve its business environment, support real economy, cancel or decentralize city-level administrative powers and provide assistance to enterprises in need, saving 136.9 billion yuan in costs for local enterprises. Currently, there are 3.06 million businesses in Shenzhen, including 1.77 million enterprises, the most among all cities in China. It is home to seven Fortune 500 companies, and two of them were newly selected as Fortune 500 companies last year.

Shenzhen has rolled out a plan for promoting the infrastructure supply-side reform and issued the country's first local government bonds for building Metro lines. The accuracy rate of the city's annual budget for 2018 reached 82%, which was 26% higher than last year. The city has also pushed forward the reform in State-owned enterprises and organizations. Dapeng New Area was approved to be a State-level tourism reform and innovation pioneering zone.

Shenzhen continues to open up to the world. The trade volume between Shenzhen and the Belt and Road countries and regions grew by 19.8% last year. The city hosted the XIX International Botanical Congress, the sixth World Ocean Congress and the fifth Shenzhen International Low Carbon City Forum last year. The Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone and the China (Guangdong) Pilot Free Trade Zone Qianhai & Shekou Area of Shenzhen have introduced 111 new measures for institutional innovation, brought in 2,400 Hong Kong companies and incubated over 80 startup teams from Hong Kong and Macao. The construction of the Shenzhen-Hong Kong Technology Innovation Special Cooperation Zone is under way, while the Shenzhen-Hong Kong Design Creative Industrial Park, the Shenzhen-Hong Kong Collaboration Innovation Center and the Shenzhen-Hong Kong International Center will be built in the city. It hosted the Shenzhen-Hong Kong Cooperation Forum and the Bi-City Biennale of Urbanism\Architecture last year.

Building a Pivot City of the Belt and Road

Shenzhen will enhance trade and investment cooperation with countries that participate in the Belt and Road Initiative, offer more services through representative institutions in those countries, promote the development of overseas industrial parks such as Sino-Belarusian Logistics Park and Shenzhen-Indonesia Industrial Park, and support Chinese enterprises to join the construction of ports in Bahrain, Sri Lanka, Djibouti and Turkey. The first China-Europe freight train between Shenzhen and Minsk was launched, driving up the trade volume in countries along the railway line by 19.8%. Three more cities have developed relations as international friendship cities with Shenzhen, including Charlotte in the United States and  Yvelines in France. Shenzhen will also actively participate in the construction of the Xinjiang Silk Road Economic Belt Innovation-driven Development Pilot Area and Sino-Pakistan Economic Corridor and explore the markets in Central Asia and South Asia.

Information Silk Road

Information infrastructure is essential to fulfilling the Belt and Road Initiative. Shenzhen is a powerhouse of China's electronic information industry, with its annual industrial output value exceeding 1 trillion yuan. The Information Silk Road will be an opportunity for Shenzhen to tap new markets and build itself into China's and even the world's key research, production and export base of telecommunication equipment, panel displays, computers and peripheral devices, electronic components, home audiovisual products and software. Shenzhen is home to more than 90,000 Internet-related businesses and a large number of world-renowned Internet companies. Among them, Tencent is one of the largest Internet service providers in China.

China (Guangdong) Pilot Free Trade Zone Qianhai & Shekou Area of Shenzhen

The China (Guangdong) Pilot Free Trade Zone Qianhai & Shekou Area of Shenzhen was inaugurated on April 27, 2015. As a crucial part of the Guangdong Pilot Free Trade Zone, the Qianhai & Shekou area covers an area of 28.2 square kilometers and includes Qianhai and Shekou. Under the framework of the 21st Century Maritime Silk Road and based on Shenzhen's experiences in building an international and market-oriented city ruled by law, the Qianhai & Shekou area will integrate resources in Shenzhen and Hong Kong and solicit resources from across the globe. With the aim of developing finance, logistics, information service, technology, port service, shipping and other emerging industries, the area will support co-development between Shenzhen and Hong Kong and become a producer services center in the Asia-Pacific region as well as an international pivot harbor in the world.

Shenzhen-Hong Kong Technology Innovation Special Cooperation Zone

Shenzhen and Hong Kong signed the "Memorandum of Understanding on Jointly Developing the Lok Ma Chau Loop by Hong Kong and Shenzhen" on January 3, 2017. Both cities will jointly build the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop area and set up scientific research cooperation bases and other supporting facilities. In November last year, Futian District released a development plan for modern industries between 2017 and 2035. The plan mentioned that the loop area and the district's bonded zone will be planned as a whole and acknowledged as the Shenzhen-Hong Kong Technology Innovation Special Cooperation Zone. It will solicit resources from across the globe, build a Belt and Road international innovation cooperation platform, fuel technological development in the Guangdong-Hong Kong-Macao Greater Bay Area, bolster cross-border cooperation between Shenzhen and Hong Kong and set up a pilot area for promoting policy and institutional reform and innovation.

 
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