Page 190 - 2021 White Paper
P. 190
1 White Paper on the Business Environment in China 3. Private sector: Breakthroughs in industry
development
2. Financialmarket:FacilitatingChina’s
economic reforms Deregulation to promote smooth running of the
market: The 14FYP blueprint positioned the private
Leader in RMB internationalization: The measures sector as the incubator of China’s technology devel-
will take bold steps to liberalize Shenzhen’s capital opment, and pro-business policies and deregulation
market to optimize resources allocation. It includes will support smooth running of the market. Further
a pilot scheme for the integration of domestic and to the national standard, a list of special measures
foreign currencies for cross-border fund pools, the for Shenzhen will be formulated to relax market
RMB-denominated offshore bond-issuing mecha- access in the sectors of energy, telecommunications,
nisms of the local government, permission for qual- public utilities, transportation, and education and
ified foreign financial institutions to establish secu- others. Restrictions on foreign investment in cutting
rities companies and fund management companies edge technology will also be relaxed.
in Shenzhen, and support for eligible foreign institu-
tions to obtain payment service business licenses. Data property right and market trading system:
Together, these measures will facilitate Shenzhen’s Formally recognizing data as a tradable commodity
leading position in China’s financial market and the and an important factor of production, the plan also
internationalization of the RMB. pledged to explore the possibility of establishing a
data trading market, possibly at one of the existing
Facilitating the development of the Shenzhen trading platforms. It will also support the construc-
stock market: The establishment a mechanism tion of a cross-border big data center in the GBA.
to transfer from China’s“new third board”equity Mechanisms relevant to the protection, utilization,
market to ChiNext will help burgeoning innovative sharing and trading of data property rights will be
firms gain access to capital and boost attractiveness established and improved.
to investors. In addition, companies will be allowed to
issue shares or Chinese Depositary Receipts (CDRs), 4.The workforce: Breakthroughs in the
which allow Chinese tech companies listing overseas talent pool
to also list on mainland China. Introduction of stock
index futures of Shenzhen-listed shares, meanwhile, Nurturing homegrown talent: Arguably the biggest
will help enrich the financial derivative products in bottleneck in innovation and technology develop-
the market and boost the attraction of the Shenzhen ment in the GBA is the shortage of talent both in
capital market to both domestic and international terms of the share of R&D personnel in the labor
investors. force and the concentration of university graduates.
As part of a national drive in the 14FYP, reforms
Fundraising for technology breakthroughs: A will be launched to nurture more top-level talent to
focus in Shenzhen’s capital market development contribute to China’s technology development. They
will be to fund China’s technology development and include a talent appraisal system in the academia
reward the breakthroughs in innovation. According that links renumeration to marketability of scientific
to the plan, market access for private equity (PE) research, recruitment of international scholars and
funds and venture capital (VC) enterprises will be resources, and additional resources to the develop-
improved, with the aim for Shenzhen to become an ment of“high-level research-oriented”universities.
international start-up fundraising center. A valuation
system will be implemented to enable trading of in- Internationally competitive recruitment sys-
tellectual property. A FinTech innovation platform will tem: Meanwhile, Shenzhen will focus on identifying and
be established, and the research, development and recruiting talent from around the world. An internationally
international cooperation with respect to digital RMB competitive talent recruitment system will be established to
will be encouraged. include expedited working and residence permits approval,
favorable policies in investment and entrepreneurship, and
190 recognition of professional qualifications in finance, tax,
architecture, and planning.
development
2. Financialmarket:FacilitatingChina’s
economic reforms Deregulation to promote smooth running of the
market: The 14FYP blueprint positioned the private
Leader in RMB internationalization: The measures sector as the incubator of China’s technology devel-
will take bold steps to liberalize Shenzhen’s capital opment, and pro-business policies and deregulation
market to optimize resources allocation. It includes will support smooth running of the market. Further
a pilot scheme for the integration of domestic and to the national standard, a list of special measures
foreign currencies for cross-border fund pools, the for Shenzhen will be formulated to relax market
RMB-denominated offshore bond-issuing mecha- access in the sectors of energy, telecommunications,
nisms of the local government, permission for qual- public utilities, transportation, and education and
ified foreign financial institutions to establish secu- others. Restrictions on foreign investment in cutting
rities companies and fund management companies edge technology will also be relaxed.
in Shenzhen, and support for eligible foreign institu-
tions to obtain payment service business licenses. Data property right and market trading system:
Together, these measures will facilitate Shenzhen’s Formally recognizing data as a tradable commodity
leading position in China’s financial market and the and an important factor of production, the plan also
internationalization of the RMB. pledged to explore the possibility of establishing a
data trading market, possibly at one of the existing
Facilitating the development of the Shenzhen trading platforms. It will also support the construc-
stock market: The establishment a mechanism tion of a cross-border big data center in the GBA.
to transfer from China’s“new third board”equity Mechanisms relevant to the protection, utilization,
market to ChiNext will help burgeoning innovative sharing and trading of data property rights will be
firms gain access to capital and boost attractiveness established and improved.
to investors. In addition, companies will be allowed to
issue shares or Chinese Depositary Receipts (CDRs), 4.The workforce: Breakthroughs in the
which allow Chinese tech companies listing overseas talent pool
to also list on mainland China. Introduction of stock
index futures of Shenzhen-listed shares, meanwhile, Nurturing homegrown talent: Arguably the biggest
will help enrich the financial derivative products in bottleneck in innovation and technology develop-
the market and boost the attraction of the Shenzhen ment in the GBA is the shortage of talent both in
capital market to both domestic and international terms of the share of R&D personnel in the labor
investors. force and the concentration of university graduates.
As part of a national drive in the 14FYP, reforms
Fundraising for technology breakthroughs: A will be launched to nurture more top-level talent to
focus in Shenzhen’s capital market development contribute to China’s technology development. They
will be to fund China’s technology development and include a talent appraisal system in the academia
reward the breakthroughs in innovation. According that links renumeration to marketability of scientific
to the plan, market access for private equity (PE) research, recruitment of international scholars and
funds and venture capital (VC) enterprises will be resources, and additional resources to the develop-
improved, with the aim for Shenzhen to become an ment of“high-level research-oriented”universities.
international start-up fundraising center. A valuation
system will be implemented to enable trading of in- Internationally competitive recruitment sys-
tellectual property. A FinTech innovation platform will tem: Meanwhile, Shenzhen will focus on identifying and
be established, and the research, development and recruiting talent from around the world. An internationally
international cooperation with respect to digital RMB competitive talent recruitment system will be established to
will be encouraged. include expedited working and residence permits approval,
favorable policies in investment and entrepreneurship, and
190 recognition of professional qualifications in finance, tax,
architecture, and planning.
