A journalist takes photos in a sightseeing bus in Shenzhen, south China's Guangdong Province, Oct. 22, 2020. Shenzhen on Thursday launched three sightseeing bus lines for tourists, which respectively showcase the culture, technology and night view of the city.Photo:Xinhua

China's Supreme People's Court has approved proposals that support Shenzhen in South China's Guangdong Province  to become a pilot demonstration zone of socialism with Chinese characteristics, effective Monday.

A series of proposals, including strengthening the support for trials of cases involving foreign countries and the special administrative regions (SARs) of Hong Kong and Macao, as well as Taiwan Island, are included in the advice.

"[The new zone] will improve the legal framework by accurately finding and applying international laws and regulations," the statement from the court said, and Shenzhen will also explore the establishment of a dispute resolution system that combines jurisdiction, arbitration and mediation."

The emphasis on legal innovation will improve the overall business environment in the pilot zone in Shenzhen, and prepare it to be a more international business hub.

"A fair and just legal environment is among the top considerations when businesses are looking for new locations," Liang Haiming, a Hong Kong-based economist said. "For Shenzhen to be built to a business hub that can attract the world's leading companies, it is crucial to have a comprehensive legal framework."

Other areas of business environment improvement, including the protection of intellectual property rights, are included in the advice, as are laws and regulations on environment protection.

In the area of finance, the Supreme People's Court said that it will work with the Shenzhen Stock Exchange on registration-based IPO system reform, and will crack down on any illegal conduct that covers up financial risks or try to prevent 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 to a pilot demonstration zone for socialism with Chinese characteristics within the coming five years before 2025.

Under the plan, several major reform measures have been announced so far in 2020, covering areas such as legal, business, financial and social issues, as well as the medical sector. In 2022, important progress is expected to be made in all aspects of system construction, and by 2025, reforms in key areas would have achieved landmark results.

Global Times