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BEIJING: Chinese officials are bidding for a five-fold increase in the size of the Shenzhen economic zone, which helped set off the nation's boom nearly three decades ago, state media reported.
The Shenzhen Special Economic Zone desperately needs more space to allow high-technology enterprises to develop, the China Daily reported, citing local officials.
"Legislators are working on the proposal to expand the scope of Shenzhen SEZ to the whole city, but it needs the approval of the State Council (Cabinet)," an unnamed official at the Shenzhen legislature told the paper.
If the plan is approved, it will allow an increase in the size of the zone from its current 396 square kilometres (152 square miles) to just short of 2,000 square kilometres, nearly the size of Luxembourg, the paper said.
Shenzhen authorities need to find space not just for businesses but also for residential areas, and therefore the area's flagship enterprises are being seriously squeezed, according to the paper.
For example, telecom equipment maker Huawei Technologies has decided to move its production base out of the zone to the neighbouring Longgang district, the paper said.
The Shenzhen zone was set up in 1980 along with three other zones that all offered lower taxes and less cumbersome bureaucratic procedures in order to attract foreign investors.
- AFP/yb
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