China has outlined a string of reforms to accelerate the development of hi-tech emerging industries in the city of Shenzhen, as the tech hub in southern China grapples with a barrage of US trade restrictions.
The plan focuses on boosting Shenzhen’s ability to create scalable business models in industries such as artificial intelligence and aviation that can be replicated across China, by helping the city cultivate a larger talent pool, expand local companies’ access to financing, and speed up the deployment of cutting-edge technologies.
“We will deepen reforms and expand openness from a higher starting point, with elevated standards and more ambitious goals, to create fresh, replicable experiences for broader adoption,” stated a document jointly released by top organs of the Chinese government and ruling Communist Party on Tuesday.
Shenzhen has been at the forefront of China’s economic development for decades, leading the country’s first wave of economic liberalisation in the late 1970s before evolving into a factory hub and then an incubator for hi-tech start-ups.
The former fishing village is now home to nearly 18 million people and a string of powerhouse companies, including telecoms giant Huawei Technologies, drone maker DJI, electric vehicle leader BYD and internet behemoth Tencent.
