Shenzhen's new development path focuses on innovation
Updated 13:00, 14-Oct-2020

Last August, China's central government issued guidelines and advice encouraging Shenzhen to advance the city's opening-up in the new era and build it into a pilot demonstration area of socialism with Chinese characteristics.

To create a model city for a great modern socialist country, Shenzhen must implement new development ideas and methods, conduct comprehensive reform and continue to open up, push the development of the Guangdong-Hong Kong-Macao Greater Bay Area, enrich the ideas and practices of "One Country, Two Systems," and take the lead in achieving socialist modernization, which is Shenzhen's goal in the new era, said Chinese President Xi Jinping.

Xi's remarks came during a ceremony for the 40th anniversary of the establishment of the Shenzhen Special Economic Zone.

To achieve the goal, Shenzhen must commit to the new development ideas. Despite Guangdong Province and Shenzhen enjoying a more developed economy, the region faces limited resources and pressure from its global counterparts in terms of attracting technologies and talents. The solution is to implement new development ideas and push for high-quality development, said Xi.

Development must be driven by talents, innovation, efficiency and high-quality reform, said Xi. Shenzhen also needs to continue its supply-side structural reform, and turn the production, distribution, circulation and consumption of goods more toward the domestic market, accommodating the upgrade in domestic demand.

In order to incubate strategic future industries, Xi stressed that Shenzhen should strive to build a technological and industrial innovation hub with global influence. Meanwhile, the development of technologies should be supported by education. The city must also raise its investment in fundamental research, while putting academic research into application and combining education with various industries.