People in Qianhai area, Shenzhen, are on their way to work. VCG
Shenzhen used to be a small fishing village. However, it took off economically 40 years ago and was designated as the first special economic zone (SEZ) in China in 1980.
Aug 26 marks the 40th anniversary of this. With decades of constant reform and innovation, Shenzhen has adopted many favorable policies for emerging businesses.
For example, in Shenzhen, owners of high-tech companies will have certain tax benefits in the first two years of operation. The government may also offer incentives to those who are outstanding in their fields in Shenzhen.
Hailed as “China’s Silicon Valley”, it is also now the center of China’s tech industry and home to such global companies as Huawei and Tencent.
Currently, Shenzhen is building toward its future and aims to be a global model that reflects a sense of competitiveness and innovation, according to CGTN.
“Thanks to policy support, Shenzhen has created a free and fair business environment, and become a fertile ground for innovation,” commented Caixin Global. “It has also provided the most salient lessons for other places in China.”
Since China set up its first SEZ, the country’s steps toward economic reform and opening-up have never stopped.
China has established 18 free trade zones (FTZs) across the country, beginning with Shanghai in 2013.
In 2018, the Shanghai FTZ contributed to over 40 percent of Shanghai imports in the first 10 months, according to CGTN.
Moreover, the Belt and Road Initiative (BRI), proposed in 2013, has also opened up new space for the world economy. In less than six years, the BRI has been extended from Asia to Europe and Africa, and the trade volume between China and other countries along the Belt and Road surpassed $6 trillion (around 41 trillion yuan), Xinhua reported last year.
Jing Ulrich, managing director and vice-president of Asia Pacific JPMorgan Chase, a global financial services firm, told China Daily, “To rapidly integrate itself with the global economy is one of the most important elements in China’s success in flourishing its economy”.
From a semi-closed nation that had little overseas contact, to a worldwide symbol of ingenuity, China’s influence and contribution to the global market is undeniable.