Lin Min

linmin67@hotmail.com

DURING his monologue on “Real Time with Bill Maher” talk show in March, the HBO host complained that China is overtaking the United States’ place on the world stage because Americans are busy obsessing over culture wars and not doing anything productive.

“We see a problem and we ignore it, lie about it, fight about it, endlessly litigate it. Sunset clause kicks it down the road and then write a bill where half-assed solution doesn’t kick in for 10 years. China sees a problem and they fix it,” Maher said.

In Shenzhen, the government not only sees a problem and then fix it, but also constantly searches for where improvements can be made and then actually works on them.

On Tuesday, Shenzhen launched its first offshore renminbi local government bonds, totaling 5 billion yuan (US$775 million), in Hong Kong, making it the first local government on the Chinese mainland to do so.

The issuance of the country’s first offshore renminbi local government bonds is among the list of 40 comprehensive pilot reforms Shenzhen is authorized to conduct, released last October, as part of the efforts to build Shenzhen into a pilot demonstration area of socialism with Chinese characteristics.

As Hong Kong SAR Chief Executive Carrie Lam said, the issuance of the bonds is a milestone in promoting the Chinese currency’s internationalization. With part of these bonds being green bonds, which are earmarked for water treatment projects, this also marks a significant step towards the city’s sustainable development.

The issuance of offshore RMB bonds also brought the number of reform measures that have been implemented within a year after the 40th anniversary of the Shenzhen Special Economic Zone to 10.

Shenzhen implemented over 1,000 reforms in the past 40 years, ranking No. 1 in China and transforming itself from a backwater border town into a modern metropolis. Despite its success, its reform drive has accelerated rather than slowed down. Within a year, many trailblazing moves have been taken, such as the promulgation of the country’s first personal bankruptcy law, green finance regulations, data regulations and technological innovation regulations. Shenzhen has also taken the lead in establishing a Gross Ecosystem Product system in its pursuit of high-quality and sustainable growth.

These all send a signal that Shenzhen does not rest on its laurels. Instead, it is creating new miracles through endless reform and opening-up measures. Bill Maher can learn more about Shenzhen, and let his audience know how quickly things are progressing in this city.