China's state planner has given its blessing for the southern city of Shenzhen to pursue reforms in areas such as relaxed market access for cross border data trading and an electronics trading platform, guidelines published on Wednesday show.
President Xi Jinping has given Shenzhen greater autonomy for pursuing reforms, praising it for "achieving miracles" while on a visit two years ago to mark the establishment of the country's first economic zone in the southern city four decades earlier.
Shenzhen would become a "model city for a strong socialist country," Xi said in October 2020.
The new guidelines from the National Development and Reform Commission (NDRC) further spell out where the city should pursue reforms, across finance, data, medicine, education and elderly care.
The guidelines call on Shenzhen to develop standards for cross-border data transactions, with an eye to transfers between the Greater Bay Area, which includes Hong Kong and Macau.
It also calls on the city to develop trading products related to yuan settlements, and an offshore trading platform, though details are not spelled out.
Shenzhen should also build an international platform for trading electronic components and integrated circuits, providing support on customs declarations and other logistical matters.
In a bid to attract more overseas talent, the city should look into relaxing restrictions on Chinese citizens opening foreign schools, the guidelines said.
Other points including developing a system for online sales of prescription drugs, the relaxation of restrictions on medicines, improving the approval process for stem cell therapy.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU