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China gives Shenzhen more autonomy for market reform, integration

Stock Markets Oct 18, 2020 07:00AM ET
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© Reuters. The Wider Image: In Hong Kong's tranquil borderlands, two systems co-exist

SHANGHAI (Reuters) - China on Sunday detailed steps to grant more autonomy to Shenzhen, letting the southern financial and technology hub pilot reforms in market development and economic integration.

The changes announced by the National Development and Reform Commission include more flexibility to pursue reforms in areas such as land use and cross-border arbitration.

Shenzhen will launch stock index-futures products and will be allowed to issue offshore yuan-denominated local government bonds. Some companies will be allowed, via pilot projects, to issue shares or Chinese Depositary Receipts, which allow Chinese tech companies listed overseas to also list at home.

The commission lists steps to further integrate the Greater Bay Area: Shenzhen and eight other cities in Guangdong province, as well as the adjacent territories of Hong Kong and Macau.

These measures include establishing a big-data centre, experimenting with approved drug use between the territories, and establishing a cross-border arbitration centre.

Last week President Xi Jinping visited Shenzhen to commemorate 40 years since it was established as China's first economic zone.

Xi called for Shenzhen to strengthen property rights and the protection of entrepreneurs, saying the Shenzhen government will get more leeway to pursue reforms and become a model city.

 

China gives Shenzhen more autonomy for market reform, integration
 

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Comments (4)
TL Chan
TL Chan Oct 18, 2020 10:50AM ET
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We have a saying, if CCP is trustable, ****can climb a tree! We also have another saying, Without those greedy Wallstreet and US businessman, the America would not gone down so rapidly! Wallstreet continue to earn money while CCP slaughtering its people!
Jeff Ko
Jeff Ko Oct 18, 2020 8:35AM ET
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bye bye Hong Kong, sad
Warren Nugget
Warren Nugget Oct 18, 2020 8:35AM ET
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HK people too busy dealing with politcs, they don’t have time to care about the economy anyways
Youngwealth Richworld
Youngwealth Richworld Oct 18, 2020 8:03AM ET
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Also china gave hunter biden billionsWheres the story??
Carlos MD
Carlos MD Oct 18, 2020 7:16AM ET
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