City plans to help more expats obtain permanent residence permit

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China has issued a plan on implementing pilot reforms in Shenzhen to build the city into a demonstration area of socialism with Chinese characteristics in the next five years.

The city, granted with greater autonomy in the reform of important areas and key links, will advance higher-level reform and opening-up towards higher goals, according to the plan set for the 2020-2025 period.

To further optimize business environment, the plan said that the special economic zone will draw up a list of special measures to relax restrictions on sectors including energy, telecommunication, public service, transport and education based on the nationwide negative list.

Greater efforts will be made to further loosen limits on foreign investment in cutting-edge technologies, and improve the system of fair competition, the document said.

The city will pilot the legal protection of new intellectual property rights (IPR), establish a compensation system for IPR infringements, and explore legislation in emerging areas.

Shenzhen will also help foreign talent obtain Chinese permanent residence permits and attend professional qualification examinations.

Opening-up in the finance and shipping industries will be strengthened, with more efforts to advance the renminbi internationalization and improve the foreign exchange management system.

Foreign institutions will be encouraged to set up securities and fund management companies in the city, the document said.

According to a longer-term plan released last year, Shenzhen will strive to become a national model of high-quality development, as well as a hub of innovation, entrepreneurship and creativity with international influence by 2035.

Source: xinhua

Editor: Crystal H-AD 

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