Out-Law News | 23 Oct 2020 | 9:41 am | 1 min. read
China last week announced measures for accelerating reform in the Shenzhen special economic zone as part of a five year development plan.
The five year plan deals with the market-oriented allocation of production factors, the business environment, science and technology innovation, opening up public services and eco-environmental and urban spatial governance, according to the National Development and Reform Commission (NDRC).
It will support the construction of a big data centre in the Guangdong-Hong Kong-Macao Greater Bay Area and to study the feasibility of establishing a data trading market or relying on existing trading venues to conduct data trading.
The measures are designed to encourage Shenzhen to expand the legislative power of the special economic zone. It aims to expand the size of the Shenzhen special economic zone; to grant Shenzhen the right to conduct pilot schemes in areas such as artificial intelligence, driverless aerial vehicles, big data, biomedicine, healthcare, information services and personal bankruptcy and to support Shenzhen to make full use of the legislative power of the special economic zone for exploration.
Articles 28 and 29 of the measures aim to improve the litigation regime for foreign commercial disputes, international legal services and coordination mechanisms.
Dr. Helena Chen
Partner, Joint Head of Office, China
It raises market expectations and successful implementation of these methods will undoubtedly further elevate Shenzhen’s position in the international business arena.
It will build an international arbitration centre for the Guangdong-Hong Kong-Macao Greater Bay Area based on the international arbitration institutions of the special economic zones. It will improve international legal services and dispute resolution mechanisms and support the construction of a joint international investment arbitration centre led by the international arbitration institutions of the special economic zones. In addition, it will introduce relevant international organizations and world-renowned arbitration institutions by cooperation and establish a communication and coordination mechanism for international mediation organizations and mediators.
Arbitration expert Dr. Helena Chen of Pinsent Masons, the firm behind Out-Law, said, "This demonstrates the central government’s determination and continuous efforts to advance reform and opening-up in the Greater Bay Area. It raises market expectations and successful implementation of these methods will undoubtedly further elevate Shenzhen’s position in the international business arena," she said.
It has been 40 years since China established special economic zones in Shenzhen in 1980. Shenzhen will aim to become "a national model of high-quality development, a hub of innovation, entrepreneurship and creativity with international influence by 2035", according to Xinhua net.
26 Nov 2019