Shenzhen has issued a three-year plan for 2023-2025 to further stimulate market vitality and accelerate fostering an internationalized and globally competitive business environment.

The plan, made public August 7, outlines four main tasks that involve building an open industrial innovation ecosystem, an international service system for global resources allocation, an investment and trade protection mechanism aligning with high standards, and a livable and high-quality business-friendly environment.

Shenzhen will accelerate pooling international innovation resources, and expand scientific and technological exchanges with other countries and regions, as per the plan.

The city will strengthen cooperation and exchanges in the professional services industry among Shenzhen, Hong Kong and Macao.

The plan proposes that Shenzhen will establish a recruitment, salary, appraisal, management and service mechanism in line with international standards for high-level talents, and explore building a cross-regional qualification mutual recognition mechanism for foreign talents.

Greater efforts will be made to attract and utilize foreign investment, with the actual use of foreign investment in high-tech industries exceeding US$4 billion by 2025, as per the plan.

Shenzhen will promote the internationalization of its living environment, with strengthened efforts in optimizing foreign language guidance services for key public places, public facilities and road signs, introducing quality overseas educational resources and improving health care services.

The city endeavors to establish a legal service chain with government support and participation from law firms, notary offices, judicial appraisal institutions, arbitration institutions and other legal service institutions to provide legal services for the creation, protection and application of intellectual property rights.

Shenzhen will also strengthen city promotion and branding, and the building of the EyeShenzhen multilingual websites, the city’s official multilingual information portal.

In addition to the plan, Shenzhen also issued two other plans focusing on optimizing a market-oriented and law-based business environment, respectively. Measures include further relaxing market access thresholds, one-window service for the registration of foreign-funded companies and the establishment of a review mechanism for fair competition.