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Shenzhen to introduce more commercial rules in newly planned development zone

Update Date:2019-8-28 12:00:17     Source:www.3737580.com     Views:76

Shenzhen to introduce more commercial rules in newly planned development zone

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A view of the Qianhai Special Zone in Shenzhen, Guangdong province. [Photo by Liang Xiashun/For China Daily]

Shenzhen is exploring a mechanism of introducing and transforming more international commercial rules in the Qianhai Special Zone, a recently released three-year action plan for of Qianhai's legislation development said.

 

The document said a plan to introduce more Hong Kong-type regulations is also being prepared in order to learn from the neighboring city's legislative experience in industrial development and social management.

The plan will also speed up seeking support from the National People's Congress, China's top legislative body, and the State Council to temporarily adjust or suspend the application of a list of national laws and administrative regulations in Qianhai.

Special regulations in key sectors, such as intellectual property protection, trading, investment and social credit, are also expected to be launched.

Tian Fu, a member of the Standing Committee of the Shenzhen Municipal Committee of the Communist Party of China and head of the Qianhai administration, said at the ninth anniversary of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone on Monday that the zone needs to speed up construction of the legal system to accommodate an open economy.

He said legal institutions will be at the core of a series of innovative models and comprehensive reform of the judicial system will also be deepened.

The city intends to set up a settlement center for international commercial disputes and an international legal service center in Qianhai.

Wang Wanli, executive director of the department of Hong Kong, Macao and regional development at Shenzhen-based think tank China Development Institute, said the China (Shanghai) Pilot Free Trade Zone has already been granted the leeway to suspend some national laws.

The central authorities said in a recent guideline it would allow Shenzhen more flexibility in the legal sector.

A recent guideline to make Shenzhen a demonstration pilot zone for socialism with Chinese characteristics issued by the CPC Central Committee and the State Council made a splash in China. One of the city's strategic positions is to become an example of law-based governance.

(From China Daily)

 

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