As Shenzhen approaches 45 years as a special economic zone (SEZ), the importance of opening up in driving China’s progress was stressed by none other than Huawei Technologies founder Ren Zhengfei. “The more open the country becomes, the more it will drive our progress,” he told People’s Daily in a recent interview, speaking also of the importance of basic research, education and talent development.
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Soon after, the government outlined reforms to accelerate the development of hi-tech emerging industries in Shenzhen, highlighting the pioneering and demonstrative role of the reforms to push innovation and opening-up.
Shenzhen has long been the vanguard of China’s reform and opening-up. The decision to create the Shenzhen SEZ in the first wave of reform was groundbreaking and marked China’s entry into global markets. The second wave of opening up kicked off with Deng Xiaoping’s 1992 “southern tour”. China seized the opportunities presented by the post-Cold War wave of globalisation, breaking free of sanctions and restrictions.
In 2001, China’s accession to the World Trade Organization furthered its integration into the global economy, solidifying its position as a key player and laying the foundation for its rise as a major power. Today, however, China needs to enter a new phase of opening up – a third wave – and Shenzhen’s latest reform agenda is viewed as a key precursor to this shift.
China is facing a more complex and uncertain global environment, characterised by escalating geopolitical tensions, economic decoupling and a fierce technological cold war with the United States. Unlike previously, this new phase will require a strategic recalibration – focusing on technological innovation and talent cultivation.
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The government has provided clear guidance to develop Shenzhen into a globally influential hub of industry and technology, emphasising the creation of world-class universities and positioning enterprises as primary engines of innovation.