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China Gives Shenzhen Greater Autonomy to Attract Investment

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4 years ago

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(Bloomberg) — China announced measures that will grant its southern boomtown Shenzhen more autonomy as Beijing seeks to raise the profile of the region as a tech and financial hub amid tensions with the U.S.

The National Development and Reform Commission published a list of reforms for Shenzhen on Sunday that include steps for financial markets, intellectual property protection, economic legislation and talent attraction. The supporting policies for Shenzhen are more than those given to the free trade zone in China’s southern island province Hainan, China News Service cited Peng Sen, former deputy director of the NDRC, as saying.

The city is home to some of China’s leading technology giants, including Huawei Technologies Co. and Tencent Holdings Ltd., and is a crucial part of Beijing’s plan to drive economic integration with Hong Kong and Macau into the so-called Greater Bay Area to ultimately rival Tokyo Bay or Silicon Valley.

In a speech commemorating the 40th anniversary of Shenzhen’s establishment as a special economic zone on Wednesday, Chinese President Xi Jinping said the city should also be given more autonomy for reform and strive to solve any problems from breakneck growth. Foreign investors’ interests should be better looked after through measures including protecting intellectual rights, he said.

Here are some of the key measures covered in the list:

  • Shenzhen will start a stock futures index
  • Innovative companies can stage IPOs on the Shenzhen Stock Exchange with depository receipts
  • State-owned companies in the region will be given greater autonomy to carry out market-based reforms
  • Shenzhen will build a new intellectual property rights protection system that ensures digital IP protection and punishes infringements
  • Restrictions on foreign ownership in telecommunications will be lifted
  • Shenzhen will streamline visa rules to attract talent
  • The city will be allowed to issue offshore, yuan-denominated local government bonds
  • Designated medical institutions across nine mainland cities in the Greater Bay Area will be allowed to use drugs available in Hong Kong and Macau

 

Source:- BNN

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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1 week ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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2 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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