Why China is looking to Shenzhen – and not Hong Kong – to reinvent its economic future
- The southern mainland city was a test bed for market reforms 40 years ago and now Beijing is banking on it to spearhead development in the years ahead
- The central government is finding it tough to implement its policies in Hong Kong, analysts say
When a commission chaired by Chinese President Xi Jinping endorsed a document last week to give Shenzhen special status to carry out bolder reforms as a model for other cities, the move attracted little attention outside mainland China.
The guidelines were endorsed by the Central Committee for Deepening Overall Reform – the top body overseeing economic and administrative reforms – and designed to promote Shenzhen as a “pilot demonstration area of socialism with Chinese characteristics”.
A report by state news agency Xinhua about the meeting gave only a broad description, saying the special status was given to Shenzhen to further boost its “innovation-focused development strategy” so that the city could achieve high-quality growth and become a model for other mainland cities.
They said the new status meant Shenzhen would receive support from Beijing for bolder economic and administrative reforms.