China gives Shenzhen more autonomy for market reform and integration

© Reuters.

SHANGHAI (Reuters) – China on Sunday detailed measures taken to grant more autonomy to Shenzhen, leaving the southern financial and technology hub to spearhead reforms in market development and economic integration.

The changes announced by the National Development and Reform Commission include greater flexibility to pursue reforms in areas such as land use and cross-border arbitration.

Shenzhen will launch stock index futures and will be allowed to issue local government bonds denominated in yuan abroad. Some companies will be allowed, through pilot projects, to issue Chinese shares or certificates of deposit, which will allow Chinese technology companies listed abroad to register with them as well.

The commission lists steps to further integrate the Great Bay region: Shenzhen and eight other cities in Guangdong province, as well as the adjacent territories of Hong Kong and Macao.

These measures include the creation of a Big Data center, experimentation with approved drug use between territories and the creation of a cross-border arbitration center.

Last week, President Xi Jinping visited Shenzhen to commemorate the 40th anniversary of its establishment as China’s first economic zone.

Xi called on Shenzhen to strengthen property rights and protection for entrepreneurs, saying the Shenzhen government will have more leeway to pursue reforms and become a model city.

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