China to Build Shenzhen into Socialist Demonstration Area

BEIJING — China will build the southern city of Shenzhen into a pilot demonstration area of socialism with Chinese characteristics, a document said on Aug 18.

The building of the demonstration area will help deepen reform and expand opening-up comprehensively, according to the document issued by the Communist Party of China Central Committee and the State Council.

It is also conducive to the implementation of the Guangdong-Hong Kong-Macao Greater Bay Area plan and the fulfillment of the Chinese dream of national rejuvenation.

By 2025, Shenzhen will become one of the leading cities in the world in terms of economic strength and quality of development. Its research and development input, industrial innovation capacity, and the quality of its public services and ecological environment will be first-rate in the world, according to the document.

By 2035, Shenzhen will become a national model of high-quality development, as well as a hub of innovation, entrepreneurship and creativity with international influence.

By mid-21st century, the city will become one of the top cosmopolis in the world and a global pacesetter with outstanding competitiveness, innovative capacity and influence, said the document.

International talent with Chinese permanent residence permits will be allowed to set up sci-tech companies and act as legal representatives of scientific research institutions in Shenzhen.

Great efforts will be made to promote the development of emerging industries with strategic importance, and set up a prudent and inclusive supervision system with greater flexibility, the document said.

Shenzhen will also vigorously develop new industries including the intelligent economy and the healthcare industry, and support the research on digital currency and the application of innovations such as mobile payment.

The city will establish a maritime university and a national deep sea research center, and explore the establishment of a maritime development bank.

Shenzhen, a major city in South China's Guangdong province, is the country's first special economic zone. It has a population of about 13 million and its gross domestic product hit 2.42 trillion yuan （about $346 billion） in 2018, up 7.6 percent year-on-year.