Shenzhen will retain its status as a 'special' zone serving as a testing ground for the mainland's development, party secretary Li Hongzhong has said.
In an interview with Southern Metropolis News, Mr Li rejected suggestions that Shenzhen should cease to be a special economic zone because policies to lure investment had been withdrawn, especially after the National People's Congress's decision to standardise the corporate income tax rate.
The new corporate tax law unifies tax rates for domestic and foreign-funded firms at 25 per cent, meaning there will be no more special economic incentives to lure foreign investment to Shenzhen.'The Shenzhen Economic Zone will continue to be special, and should be special, in a new era,' Mr Li said ahead of a major provincial party meeting to be held next week.
'Although the central government adjusted some policies, it hasn't changed the mission it bestowed upon Shenzhen. The city should explore and experiment with development models for China in the next 20, 30, and 50 years.'
Mr Li said the city would also focus on building a humanitarian society in addition to pursuing economic growth.