▲Shenzhen. Photo: VCG
China’s Supreme People’s Court has approved proposals supporting Shenzhen to become a pilot demonstration zone of socialism with Chinese characteristics, which takes effect from Monday.
A series of proposals, including strengthening the support for trials of cases involving foreign countries and the special administrative regions of Hong Kong and Macau, as well as Taiwan Island, are included in the advice.
The Supreme People’s Court also said in a press conference on Monday that it will work toward the modernization of the legal establishment, and will help enforce the social credit system and build a smart legal system.
Betterment of the business environment, including improving protection of intellectual property rights are among the advices, and legislation and regulations on environment-related issues is also included.
In the area of finance, the Supreme People’s Court said that it will work with the Shenzhen Stock Exchange on the registration-based reform, and will crack down on any illegal conduct that covers financial risks or averts financial regulation “in the name of innovation”, the court said.
China announced last month that it will run comprehensive pilot reforms in Shenzhen to build the city into a pilot demonstration zone for socialism with Chinese characteristics within the next five years.
Under the new plan, several major reform measures have already been launched in 2020, covering areas such as legal, business, financial and social as well as medical sectors. In 2022, important progress is expected to be made in all aspects of system construction, and by 2025, the reforms in key areas would have achieved landmark results.
Global Times