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ChinaPolitics

Xi Jinping calls on Shenzhen to create ‘another miracle’ in next stage of reform

  • Chinese president says the country will continue to integrate into the world economy in speech marking 40th anniversary of special economic zone
  • He tasks city with becoming world-class innovation powerhouse and says it will be given more autonomy to make reforms

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A broadcast of President Xi Jinping’s speech is shown on a television at a Beijing restaurant on Wednesday. Photo: AFP
Josephine MaandGuo Rui
President Xi Jinping sought to address some of the issues facing China at a time of “turmoil and change” at a ceremony in Shenzhen on Wednesday, and called on the southern metropolis to become a world-class innovation powerhouse and model for economic reform.
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He said China would continue to integrate into the world economy instead of pivoting to an economy with an inward-looking focus – although his “dual-cycle model” emphasises domestic-led growth.

In a wide-ranging speech to mark the 40th anniversary of the Shenzhen special economic zone, Xi also tasked the city with seizing the “technological and industrial innovation high ground” and building a supply chain for hi-tech industries through innovation. He made no mention of US sanctions and pressure on Chinese technology firms in the 50-minute address.

“Shenzhen should build high grounds for technology and innovation with global influence. It should plan innovation chains around its industries and plan its industries around innovation chains,” he told over 800 officials and entrepreneurs from the mainland, Hong Kong and Macau gathered at a convention centre in Qianhai. “It should plan and nourish new industries with foresight and to develop a digital economy.”

He also urged the city to step up fundamental scientific research and integrate into the global innovation network.

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Xi Jinping vows to promote Shenzhen as global trade hub during 40th anniversary visit

Xi Jinping vows to promote Shenzhen as global trade hub during 40th anniversary visit
In addition, Xi laid down six critical tasks for Shenzhen – from delivering high-quality and sustainable growth to capital market reforms and attracting foreign talent – and exhorted the city to create “another miracle” in its next stage of reform. He said Shenzhen was an important engine of the Greater Bay Area development zone and it should promote the integration of Hong Kong and Macau.
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