Shenzhen given new powers to attract key foreign workers and develop new financial market tools under plans to develop role as China’s tech hub
- Central government outlines plans to give southern metropolis more autonomy in key areas following Xi Jinping’s pledge to promote next stage of reform
- Southern metropolis to be given power to develop laws in fields such as artificial intelligence and big data and start a stock index futures contract
Shenzhen will be granted autonomy to make its own laws on artificial intelligence and big data, relax visa restrictions to attract foreign talent, and start a stock futures index under the latest plans to boost its role as tech and finance hub.
The National Development and Reform Commission (NDRC) published a list of 40 specific areas in which Shenzhen could make reforms or undertake new ventures in coming years.
The city has been earmarked as a model for the country’s development and the new measures aim to develop six areas: financial markets, the business environment, technology and innovation, international cooperation, public services and city management.
“Over one hundred existing laws and policies will have to be adjusted along with the proposed reforms. This is innovative and groundbreaking, and also shows the effort and determination of the central government in further reforming [Shenzhen]” Ning Jizhe, vice-chairman of the NDRC, told a press conference on Sunday.
The key measures include giving Shenzhen greater autonomy to make laws in areas such as artificial intelligence (AI), big data, biotechnology, unmanned aerial vehicles and self-driving cars.
The government document also further detailed policies that would enhance its ability to attract foreign talent to work and invest in the city, including a simplified route for foreigners to apply for visas for vacancies where their skills are needed and for highly skilled workers to gain permanent residency.
