China has rolled out ambitious new reforms for Shenzhen that will reshape the city's role in cross-boundary finance and technological innovation. At a high-profile State Council press conference on Friday, officials announced that qualified Hong Kong-listed companies will now be able to issue depositary receipts on the Shenzhen Stock Exchange, while eligible Greater Bay Area firms listed in Hong Kong can dual-list in Shenzhen - marking a significant step in financial market integration between the mainland and Hong Kong.
The comprehensive reform package, which spans economic, educational, and technological sectors, aims to transform Shenzhen into a testing ground for China's next phase of financial opening and technological advancement. Among the most notable measures are pioneering changes to scientific achievement rights, including a new "negative list" system that will allow researchers to obtain ownership or long-term usage rights for their innovations. The city will also pilot cutting-edge financial technologies, expand digital yuan applications, and adopt international electronic trade documents for financing operations.
The reforms position Shenzhen as both a financial bridge to Hong Kong and a laboratory for China's digital economy ambitions. Officials highlighted plans to strengthen industry-education collaboration to cultivate next-generation engineering talent, while streamlining services for international maritime crews. These changes come as China intensifies efforts to integrate the Greater Bay Area's financial markets and reinforce Hong Kong's status as a global financial hub, with Shenzhen serving as a crucial innovation engine in this national strategy.
The sweeping measures underscore Beijing's commitment to using Shenzhen's unique position as a special economic zone to pilot bold reforms before potential nationwide implementation. With its new cross-boundary listing mechanisms and digital currency experiments, Shenzhen is poised to become an even more critical player in China's financial and technological ecosystem.
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