Market access

China issues special measures to ease market access in Shenzhen, to boost GBA

The view of OH Bay Park and Qianhai in Shenzhen, south China’s Guangdong Province, Aug. 21. China announced in September to deepen the opening of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. Photo: cnsphoto

China’s chief economic planner and Ministry of Commerce on Wednesday rolled out a series of special measures to ease market access in several sectors in Shenzhen, south China’s Guangdong Province, in a bid to bolster the competitiveness of the Guangdong-Hong Kong-Macao (GBA) Greater Bay Area and foster quality development and high-level openness.

The National Development and Reform Commission (NDRC) and the Ministry of Commerce (MOFCOM) issued a directive containing 24 measures covering technology, finance, health, education and culture, and transport.

The measures cover a wide range of sectors and are of key importance in making Shenzhen a pilot zone for demonstrating socialism with Chinese characteristics and promoting the development of the GBA, a senior official said.

This is an important measure to help Shenzhen accumulate high-end resources from around the world and strengthen the GBA’s development momentum, Qin Weizhong, Mayor of Shenzhen, said at a press conference. to present the measurements on Wednesday.

To facilitate the integration of the GBA, measures include new initiatives to deepen insurance market connections between the three cities, help telecom operators to innovate and facilitate market access for institutions. doctors from Hong Kong and Macau to operate in Shenzhen.

“This will help Shenzhen play an important role as a driving force in the development of the GBA, strengthen cooperation between the three places, and enable the GBA to play a greater role in the reform and opening-up process, innovation and development of the country,” Qin said.

With policy support on broader market access for new infrastructure, science and technology innovation and data items, the city hopes to attract global science and technology innovation resources and capital, Sun Liancai said. , a partner of Beijing Alliance PKU Management Consultants, to the Global Times. Wednesday.

“It will boost the coordinated development of the regional economy and elevate the driving force and leading role of the GBA worldwide,” Sun said.

Other major areas covered by the measures include 5G, data exchange, semiconductor industry, cross-border finance, medicine and unmanned vehicle systems. In the technology sector, Shenzhen aims to lead the country in facilitating market access for cross-border data business.

Steps will be taken to ease market access for cross-border data exchanges and data services. The city will also prepare to establish a data element clearinghouse, when conditions permit, in accordance with the directive.

These measures are conducive to paving the way for China’s market-oriented data element reform and help accelerate the opening up of Shenzhen’s information service industry as well as the development of digital commerce and other new forms of business, officials said.

In 2021, the value added of key digital economy industries accounted for about 30 percent of GDP in Shenzhen, ranking among China’s large and medium cities in scale and quality.

In the financial sector, Shenzhen plans to improve the convenience of cross-border trade settlements.

In transportation, Shenzhen will establish unified access standards and open application platforms for unmanned systems across land, sea and airspace.

Measures in the medical field include easing market access for drugs and medical devices as well as trials of online sales of prescribed drugs.

“Shenzhen has always been at the forefront of reform and opening-up. By carrying out this pilot project, it can reap the benefits of its role as a demonstration zone as well as its industrial base and leadership gene. “innovation in promoting the nation. high-level opening up and dual circulation strategy,” Wang Peng, a professor at Renmin University of China, told the Global Times on Wednesday.

The areas covered by the directive are also the key areas for China’s continued opening-up and high-quality development, Zheng Lei, chief economist of the Glory Sun Financial Group, told The Global Times on Wednesday.

“Shenzhen has more advantages than other cities in China in terms of location, industrial base and social development. The driver from Shenzhen is expected to be promoted to GBA first and set an example for the rest of the country,” Zheng said. mentioned.