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China offers Shenzhen extra autonomy for market reform, integration

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SHANGHAI: China on Sunday (Oct 18) detailed steps to grant extra autonomy to Shenzhen, letting the southern monetary and know-how hub pilot reforms in market growth and financial integration.

The modifications introduced by the Nationwide Improvement and Reform Fee embody extra flexibility to pursue reforms in areas similar to land use and cross-border arbitration.

Shenzhen will launch inventory index-futures merchandise and shall be allowed to problem offshore yuan-denominated native authorities bonds. Some corporations shall be allowed, by way of pilot initiatives, to problem shares or Chinese language Depositary Receipts, which permit Chinese language tech corporations listed abroad to additionally record at house.

The fee lists steps to additional combine the Higher Bay Space: Shenzhen and eight different cities in Guangdong province, in addition to the adjoining territories of Hong Kong and Macau.

These measures embody establishing a big-data centre, experimenting with accredited drug use between the territories, and establishing a cross-border arbitration centre.

Final week President Xi Jinping visited Shenzhen to commemorate 40 years because it was established as China’s first financial zone.

Xi referred to as for Shenzhen to strengthen property rights and the safety of entrepreneurs, saying the Shenzhen authorities will get extra leeway to pursue reforms and develop into a mannequin metropolis.

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