Pioneering Shenzhen SEZ to continue spearheading reform and opening-up

Tuesday marks the 45th anniversary of the Shenzhen Special Economic Zone. The establishment of the SEZ was a great innovative move to advance the socialist modernization of the country, and the SEZ continues to prove its relevance in the new era.

Over the past four and a half decades, Shenzhen has changed beyond all recognition from a small unknown town to an international innovation hub.

In the process, Shenzhen's gross domestic product has soared to 3.68 trillion yuan ($514.5 billion) in 2024 from 270 million yuan in 1980.

The city now boasts about 25,000 high-tech enterprises, among which over 2,600 are AI-focused enterprises above the designated size. As a leading light in the development of artificial intelligence and its application in the country, how Shenzhen's AI sector fares and how effectively the AI technology is applied in real world scenarios will provide a reference for the rest of the country.

This is an epitome of the important role the city plays on China's economic map today. Its development over the past decades has laid a solid foundation for Shenzhen to build itself into a pilot zone for socialism with Chinese characteristics.

To that end, Shenzhen should further increase its capabilities to implement the new development philosophy, build a new pattern to deepen all-around reform, expand opening-up on all fronts, and contribute to the development of the Guangdong-Hong Kong-Macao Greater Bay Area. It should continue to be a pioneer in contributing new policies, development models, experience, talents and know-how to the country.

This explains why the central authorities issued guidelines in June that emphasize strengthening the integration of innovation, industry, capital and talent chains, while exploring new pathways, scenarios and platforms for Greater Bay Area cooperation. The document highlights that Shenzhen's reform explorations are to play "a crucial role in demonstrating and leading" by generating replicable and scalable successful practices.

To better play its assigned role in the new era, Shenzhen is to further open up the service sector in key fields such as telecommunications, healthcare and finance, so as to contribute more replicable practices for expanding China's service industry openness. In the process, the central government is also doing all it can to create a supportive and inclusive policy environment to help Shenzhen foster new competitive capabilities and growth drivers.

The guidelines issued in June are based on a policy portfolio earmarked for the city that was rolled out in 2020, and represent a continuity of the central authorities' policy on Shenzhen.

Thanks to these policies and its pioneering spirit, Shenzhen enjoys considerable autonomy and a broader space to carry out reforms aimed at enhancing governance and regulatory capabilities in key high-tech and service sectors.

By exploring ways to make breakthroughs in these fields, Shenzhen, as an experimental field, is again tasked with offering the country tested and effective policies to promote reform and opening-up in key aspects.

Shenzhen's development and contribution to the country explain what drives the nation to become a better self over the past decades, as "only reformers can advance, only innovators can thrive, and only those who reform and innovate will prevail".

By advancing reforms and opening-up at a higher starting point, to a higher level, and for higher goals, Shenzhen can further amplify its role as a key engine in the Greater Bay Area and as a radiating hub in the national development strategy.

With what Shenzhen has achieved in the past 45 years, there is enough reason to believe that Shenzhen will continue to pioneer a path forward in its assigned role.