Key Points of Chinese President Xi Jinping’s Speech in Qianhai
Chinese President Xi Jinping announced plans to further develop Shenzhen into an international trade hub and talent centre during his speech on 14 October to celebrate the 40th anniversary of the Shenzhen Special Economic Zone.

Chinese President Xi Jinping announced plans to further develop Shenzhen into an international trade hub and talent centre during his speech on 14 October to celebrate the 40th anniversary of the Shenzhen Special Economic Zone.

He called for Shenzhen to take the lead in developing high-value innovative industries, along with investment and financing, finance and taxation, financial innovation, as well as both domestic and international trade capabilities by drawing on the skills of international talent.

He didn’t mention China’s disputes with the U.S., and only briefly mentioned external challenges, but stressed the need to become self-reliant, especially in innovation and technology.

“We need to unswervingly implement an innovation-driven development strategy to foster new engines and new trends, so as to build a technological and industrial innovation high-ground with global influence.”

Xi reiterated that China will remain committed to “reform and opening up” despite rising protectionism and unilateralism.

“We must not be intimidated by headwinds and reversal waves. We must stand on the right side of history to unswervingly expand opening up, to promote an open world economy, and promote the building of a community with a shared future for humanity.“

He laid out a long-term development plan for Shenzhen, which would be central to driving the country's innovation and technology ambitions by playing a key role in the Greater Bay Area.

To accomplish this, he said Shenzhen will be given more autonomy in certain areas that are of importance and are key to reform. The Central Government will launch 27 different reform policies and 40 areas that will be given such autonomy.

He welcomed foreign countries to participate more in the reform, opening up and development of China's special economic zones to achieve a win-win outcome.

Shenzhen should actively further promote the growth of the Greater Bay Area by synergizing economic rules and mechanisms in the three regions. More exchanges and closer integration should help young people in Hong Kong and Macao strengthen their sense of belonging to the motherland.

10 principles for Shenzhen to follow

1. Adhere on the party’s leadership when pursuing development

2. Uphold and improve the socialist system with Chinese characteristics

3. Be daring and aim to be the first in regards to development and pioneering new measures

4. Remain committed to an all-encompassing opening-up policy, and raise competitiveness through “bringing in” and “going out”

5. Leverage innovation as the primary driver of growth, technological competitiveness and industrial transformation

6. Development should benefit the people

7. Enforce the rule of law, judicial impartiality and make the rule of law a key guarantee in Shenzhen’s development

8. Strive for sustainable development of the economy and society, hand in hand with the ecology and the environment

9. Comprehensively and accurately implement the “one country, two systems” principle and promote integrated development of the mainland, Hong Kong and Macao

10. Focus on the big picture when planning to also contribute to the country’s economic development

The full text of the speech in Chinese can be read here: https://china.hket.com/article/2776432/?lcc=ac

A video of the full speech with English interpretation can be watched here: https://www.youtube.com/watch?v=_ssMhjExy7Q

Top