In a speech to mark the 40th anniversary of the Shenzhen Special Economic Zone, President Xi Jinping highlighted that Shenzhen should build high grounds for technology and innovation with global influence. It is necessary to deploy the innovation chain around the industrial chain, and layout the industrial chain around the innovation chain. It should plan and nourish strategic emerging industries with a foresight to foster digital economy, and implement a more open talent policy.

Meanwhile, a series of measures came along with the document “Pilot Implementation Plan for the Comprehensive Reform in Building a Demonstration Zone of Socialism with Chinese Characteristics in Shenzhen (2020-2025)” (the Plan), issued jointly by the general offices of the CPC Central Committee and the State Council.

The Plan underlined Central Government’s support on accelerating the development of the data essential market, with priorities in improving data property rights and its protection system, and using such system to protect data privacy; pilot the sharing of government open data; establish data sharing platform in the Greater Bay Area; establish data exchanges and transaction market place; set out testing ground on data-driven production with its essential census and audit.

It also gave out the bold idea on the internal pilot test of the digital Renminbi and to establish a new fin-tech innovation platform, based on the foundation of the Shenzhen subsidiary of the Digital Currency Research Institute of the People’s Bank of China, to exploit digital currency applications and foster international cooperation.

In light of the new policy to further the development of GBA region, including Hong Kong and Shenzhen, players in Hong Kong, Guangdong and Macao will jointly establish the “Greater Bay Area International Information Technology Industry Association” , aimed to promote the IT development and applications by leveraging combined advantages of the overall GBA region. The Association will collaborate with experts of academia, research institutes, enterprises and major industry players to conduct policy research to facilitate the applications of new generation technology in the GBA region. It will serve as a platform for GBA enterprises to enhance communication and cooperation which will help to boost mutual connection and lead to win-win development. The Association will also nurture young IT engineers and talents for the region.