China on Sunday announced a new list of the first batch of authorized matters for comprehensive pilot reforms in Shenzhen, as part of its ongoing efforts to facilitate higher-level reforms and opening-up in the high-tech hub adjacent to Hong Kong.
The list outlined 40 detailed reform measures to be implemented in Shenzhen, such as promoting the reform of the registration-based IPO system in the city's startup board ChiNext, the introduction of a listing transfer mechanism from the country's over-the-counter equity market to ChiNext and piloting domestic issuance of stocks or China Depository Receipts by innovative companies.
The announcement came after President Xi Jinping attended a gathering on Wednesday to celebrate the 40th anniversary of the establishment of the Shenzhen Special Economic Zone, where he called on the city to build itself into a pilot zone for socialism with Chinese characteristics.
Ning Jizhe, vice-minister of the National Development and Reform Commission, said the new list, together with the newly implemented plan for comprehensive pilot reforms in Shenzhen, will unleash huge benefits enabled by reforms for its high-quality development.
"Under the overall framework of the new plan, the list has outlined 40 targeted reform measures, of which more than 20 require adjusting existing laws and regulations," Ning said at a news conference on Sunday.