China approves Shenzhen reform plan

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China has approved a plan for comprehensive reform in the southern city of Shenzhen, in a move to step up regional development. Six areas covered include social welfare, as well as administrative, economic, and innovative mechanisms in Shenzhen.

The plan also proposes stronger cooperation with Hong Kong, and efforts to promote development that is environmentally friendly. Shenzhen is considered the pioneer city for China's reform and opening-up, and is now set to serve, again, as a pilot city for financial reform and innovation. Local authorities say they aim to improve market mechanisms, as well as tax and financial systems. The administration of enterprises and the supervision of markets are also in line for further reforms.