SHENZHEN (China) – China’s State Planner has granted its approval for Shenzhen’s southern region to implement reforms such as a relaxed market access policy for cross-border data trading, and an electronic trading platform. These guidelines were published Wednesday.

Shenzhen has been given greater autonomy to pursue reforms by President Xi Jinping, who visited the city two years ago in celebration of the creation of China’s first urban economic zone. This visit was made four decades before the founding of the nation’s southern capital.

Xi declared in October 2020, Shenzhen will be a “model country for a strong socialist country.”

New guidelines issued by the National Development and Reform Commission, (NDRC), further outline where reforms should be pursued in finance, medicine and elder care.

These guidelines require Shenzhen’s development of standards for cross-border transactions in data, including transfers between Hong Kong and Macau.

The city is also urged to create trading products related to the yuan settlements and an offshore trading platform. However, details have not been provided.

Shenzhen needs to create an international platform for electronic components trading and integrated circuits. It should provide assistance on customs declarations as well as other logistical issues.

The guidelines suggested that the city could relax restrictions on Chinese nationals opening schools abroad in order to draw more talent from overseas.

These points include developing an online system to sell prescription drugs and relaxing restrictions. They also help improve the stem-cell therapy approval process.