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China Unveiled First List of Pilot Reforms in Shenzhen Pilot Demonstration Zone

China Unveiled First List of Pilot Reforms in Shenzhen Pilot Demonstration Zone

On 18 October 2020, the National Development and Reform Commission of the PRC has released the first list of pilot reforms in Shenzhen Pilot Demonstration Zone (hereinafter referred to as the First List) on its website. The First List covers six categories and 40 authorized pilot reforms in total, which include:

  1. Market-based Allocation of Production Factors

    Authorize and entrust the right to approve the use of land.
    Improve the mechanism for trading and supervising of natural resource assets.
    Carry out trials of advance notice registration and transfer system in the secondary land market.
    Carry out trials of special working hours management reform.
    Support pilot reforms in capital market construction.
    Launch Shenzhen stock index futures.
    Carry out trials for innovative enterprises to issue shares or Chinese Depository Receipt (CDR) in China.
    Optimize the market access environment for private equity funds.
    Optimize the market access and development environment for venture capital enterprises.
    Carry out trials of real estate investment trust in the field of infrastructure in accordance with laws and regulations.
    Explore ways to improve market-based pricing and trading mechanism for intellectual property rights and scientific and technological achievements.
    Open up the communications industry step by step.
    Promote the construction of big data platforms and related mechanisms.
    Deepen the comprehensive reform of state-owned assets and enterprises.

  2. Business Environment

    Innovate the management system of international industry and standard organization.
    Carry out pilot reforms in the bankruptcy system.
    Carry out trials of new types of legal protection for intellectual property rights.
    Innovate ways of management for authorized strength of government organs.
    Support Shenzhen to carry out pilot reforms in the administrative reconsideration system.
    Support Shenzhen to carry out pilot reforms in the administrative litigation system.
    Support Shenzhen to fully exercise the legislative power of the special economic zone.
    Explore ways to improve the management mechanism for major scientific programs.

  3. Science and Technology Innovation

    Optimize the technology transfer mechanism of scientific research institutions.
    Improve financial support mechanism for scientific and technological innovation.
    Promote visa facilitation for foreign talents.
    Explore ways to improve the residency facilities for high-level foreign talents and the list of occupations that are in short supply.
    Implement a highly convenient system for the practice of overseas professionals.

  4. Opening-up

    Improve the jurisdiction system for foreign-related commercial disputes.
    Improve international legal services and cooperation mechanisms.
    Pilot the integration of domestic and foreign currencies for cross-border fund pools.
    Pilot the bond-issuing mechanisms of the local government.
    Further open ports and shipping sectors.
    Deepen reform of the international ship registration system.
    Bonded refuelling permission is granted to ships on international voyages.

  5. Public Services

    Relax access to new international medicines.
    Explore and improve the cross-border connection mechanism of medical services.
    Expand the autonomy of enterprise postdoctoral station.

  6. Ecological Environment and Urban Space Governance

    Optimize the management mechanism of ecological environment.
    Explore and optimize the approval mechanism of land use, forest use and sea use for construction projects.
    Pilot structural reform of aviation resources.

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