Page 130 - 2024 Special Report on the State of Business in South China

According to the city’s outline for its 14th Five-Year
Plan (2021-2025) and long-term targets for 203536:
• By 2022, the government will make
important progress in the building of systems in
all aspects, form a number of major institutional
achievements that can be replicated and
popularized, and achieve phased results in the
pilot reform.
• By 2025, the city’s GDP will surpass RMB4
trillion and the added value of strategic emerging
industries reaching more than RMB1.5 trillion.
The government will accomplish landmark
achievements in the reform of important fields
and critical links, complete the tasks of the pilot
reform, and provide an important demonstration
for institutional building for the whole country.
• Perfect systems and mechanisms for
market-oriented allocation of factors: Support in-
depth exploration of the land management system,
perfect a labor mobility system that can adapt to the
characteristics of a megacity, promote the reform
of the growth enterprise market and pilot the
registration system, and explore new mechanisms
for data property protection and utilization.
• Creating a market-oriented and law-based
internationalized business environment: Further
perfect a fair and open market environment, build a
benchmark city for intellectual property protection,
perfect the administrative management system
and the legislation of special economic zones.
• Perfect the environmental system
for scientific and technological innovation:
optimize and innovate in the allocation mode
and management mechanism of resources and
establish an internationally competitive system of
talent introduction and use.
• Perfect the high-level open economic
system: Intensify institutional opening and
support rule-based connectivity and deepening of
cooperation and development in the GBA. Expand
the opening-up of financial, shipping and other
industries to the outside world.
36 The government of Shenzhen, http://www.
sz.gov.cn/en_szgov/news/latest/content/post_8858253.
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• By 2035, the city will be built into a city of
innovation, entrepreneurship and creativity with
global influence, become a model city for China to
build itself into a powerful modern socialist country,
and take the lead in realizing socialist modernization.
• By 2035, Shenzhen’s economic output and
per capita GDP will double from 2020.
20-point Plan to strengthen local tech
funding37
In October, the Shenzhen Financial Regulatory
Administration and four other agencies issued the
“Implementation Opinions of Shenzhen City on
Financial Support for Technological Innovation”.
The plan seeks to establish an “innovative capital
center” and a “world-class exchange” within the
city. Moreover, it includes innovative financial
initiatives, closer collaboration with Hong Kong and
increased support for key tech industries. To initiate
“equity + debt” financing trials through approved
banks in the Hetao and Qianhai cooperation zones,
the Plan will strengthen partnerships between
Shenzhen and Hong Kong, are specialized clusters
for technology and finance. Shenzhen’s medium
and large banks, along with their Hong Kong-
based investment arms, will actively participate in
the trials, providing vital financing services to local
tech companies. This initiative reflects Shenzhen’s
determination to support its domestic tech sector
in the face of US sanctions targeting investments
in areas like semiconductors, quantum computing,
and AI systems.
37 The government of Shenzhen, http://www.
sz.gov.cn/cn/xxgk/zfxxgj/zcjd/content/post_10867868.
html