Shenzhen has made solid progress and phasic achievements in facilitating pilot reforms of 40 comprehensive authorized measures to build the city into a demonstration area of socialism with Chinese characteristics, China’s top economic planner said yesterday.

The National Development and Reform Commission (NDRC) said at a conference in Beijing that “the implementation plan plus authorized reform item list” mode for Shenzhen has set an example for other demonstration areas in the country.

“More than half of the 40 reform items that Shenzhen is authorized to carry out have been implemented and yielded desirable results,” Meng Wei, NDRC spokeswoman, said.

Last October, China released the Implementation Plan for the Comprehensive Reform of the Pilot Demonstration Area for Building Socialism with Chinese Characteristics in Shenzhen (2020-2025), giving the city greater autonomy to implement major reforms.

In a following list of 40 comprehensive pilot reforms Shenzhen is authorized to carry out, the Central Government grants the city greater autonomy in six important areas. The list focuses on the plan’s implementation, featuring market-oriented allocation of production factors, business environment, science and technology innovation, opening up, public services, as well as environmental and urban space governance.

“The solid progress is seen in decentralization of some social and economic management rights, such as the rights to approve using collectively owned land for construction purposes, accredit foreign high-end professionals, and approve forest land use and establishment and cancellation of post-doctorate work substations in enterprises,” Meng said.

Shenzhen has also made breakthroughs in piloting mixed land use for secondary and tertiary sectors, and establishing usage rights for underground, surface and above-ground space, according to Meng.

The merger of Shenzhen Stock Exchange’s main board and small and medium enterprises (SME) board has been concluded. Shenzhen has also piloted registration-based initial public offerings (IPOs) at the ChiNext board, China’s NASDAQ-style board of growth enterprises.

Some of the institutional innovation reforms have borne fruits as the city has formulated 17 new laws and regulations, amended 10 and abolished four.

A total of 26 reformed items have been included into laws and regulations. Shenzhen has set up China’s first personal bankruptcy agency and become the first city in China that allows personal bankruptcy. It is also the country’s first city to introduce a gross ecosystem product accounting system.