Shenzhen’s tech hub status turbocharged by Beijing’s plan to introduce digital yuan, big data protections
- Dubbed the Silicon Valley of China, Shenzhen was the original test bed for the country’s reform and is now home to many leading Chinese tech companies
- Shenzhen will also be a pilot city for a programme aimed at protecting intellectual property rights (IPR)
Pilot testing of the digital yuan, establishing a data trading platform and introducing simpler residency rules for foreign talent are some of the “gifts” the central government has given tech hub Shenzhen as it celebrates the 40th anniversary of being declared China’s first special economic zone.
Jointly issued by the Chinese Communist Party and the State Council on Sunday, the measures targeting the tech sector are an important part of Beijing’s 2020-2025 plan for the city, which include pilot reforms in areas from finance and energy to education and transport.
Dubbed the Silicon Valley of China, Shenzhen was the original test bed for the country’s reform and market opening and is now home to many leading Chinese tech companies, including gaming giant Tencent Holdings, telecoms national champion Huawei Technologies and drone maker DJI – all of which are facing headwinds amid a protracted US-China tech war.
The announcement of the measures comes as Chinese President Xi Jinping visits the southern metropolis this week. Beijing’s plan doubles down on hopes that Shenzhen will become a global leader in technology and finance and a showcase for Xi’s vision of an ideal Chinese society.
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Xi starts tour of southern China to mark 40th anniversary of Shenzhen special economic zone
“Xi’s visit to Shenzhen and the unveiling of the plan are aimed to encourage the development of the tech industry,” said Dan Wang, chief economist for Hang Seng Bank China.