Catalyst for reform

Wei Jianzhang, vice-president of the Belt and Road Initiative's International Cooperation and Development Research Institute in Shenzhen, said: "This city is a product of China's exploration toward modernization. It is a catalyst for reform."

Shenzhen has played a multifaceted role in China's reform and opening-up. It has pioneered a market economy, experimented with economic and institutional opening-up, become a model for an unbalanced development strategy known as "letting some people get rich first", and nurtured the SEZ spirit of reform and innovation, Wei said.

"Shenzhen took the lead in exploring, practicing and demonstrating a socialist market economy. This means the city broke the control of commodities and market prices, promoted land auctions, and supported the flow of people to Shenzhen for employment and entrepreneurship," Wei said.

SEZ status provided Shenzhen with preferential policies and incentives to attract foreign investment, and its proximity to Hong Kong played a significant role in Shenzhen's early development by facilitating the transfer of knowledge, expertise and capital, propelling rapid industrialization and urbanization, Wei added.

When it was launched as a SEZ, Shenzhen introduced a number of unprecedented policies in China, including a project-bidding initiative in 1981, salary reform the following year, the issuance of the first stocks in China in 1983, and the introduction of temporary residence permits in 1985.

These policies helped end long-debated doubts over whether China should switch from being a planned economy to a market economy, and encouraged the central government to further open up and develop its entire eastern coastline.

It did not take long for Shenzhen's economy to take off — its GDP reached 3.9 billion yuan ($535 million) in 1985, 14 times that of 1980.

During his first visit to Shenzhen in 1984, Deng Xiaoping wrote, "Shenzhen's development and experience prove that the policy of establishing special economic zones is correct". His words put an end to the debate.

Wei said that in addition to Shenzhen's economic and institutional reforms, the city's soft power should be highlighted, as Shenzhen encompasses a unique culture of reform and innovation centered on entrepreneurship, dedication and craftsmanship.

"The city boldly explored uncharted territory and transmitted its pioneering ethos throughout China, establishing a foundation for comprehensive reform and opening-up," Wei said.

"More than 80 percent of Shenzhen's population hails from other regions, contributing to its migrant culture that embraces risk-taking, resilience to failure, and the pursuit of excellence."

During a gathering in 2020 to celebrate the 40th anniversary of the Shenzhen SEZ, President Xi Jinping called for the city to build itself into a pilot zone for socialism with Chinese characteristics. He urged it to set an example for cities in a modern socialist country, increase its capabilities to implement the new development philosophy, build a new pattern to deepen all-around reform and expand opening-up on all fronts, and contribute to construction of the Guangdong-Hong Kong-Macao Greater Bay Area.

Since then, the city has embarked on a new journey of high-quality development by focusing on its cutting-edge advantages.