Shenzhen has unveiled its Implementation Measures for Further Increasing the Attraction and Utilization of Foreign Investment (Shenfu Regulation [2025] No.10), reinforcing its ambition to become a globally influential economic hub. Building on provincial and national directives, these measures signal Shenzhen's strategic commitment to attracting high-quality foreign capital, nurturing innovation, and enabling international enterprises to anchor critical operations in the city.

The updated framework introduces two major new incentive mechanisms, while retaining the core provisions of the previous policies:

• Upgrading Multinational Headquarters: From 2025 to 2027, foreign-invested China, Asia-Pacific, or global divisional headquarters with at least USD 10 million in new foreign investment in the previous year can receive a one-time grant of up to RMB 8 million. This aims to strengthen Shenzhen as a magnet for strategic decision-making centers and high-level operations.

• Attracting Foreign R&D Centers: Newly approved foreign-funded R&D centers may receive up to RMB 1 million. Multinational global R&D centers meeting the USD 10 million threshold are eligible for an additional RMB 5 million, totaling RMB 6 million. Local districts are encouraged to provide complementary support tailored to regional conditions.

Shenzhen’s Measures prioritize opening and facilitation across high-value industries:

• Advanced Manufacturing: Zero foreign investment restrictions in manufacturing are now fully implemented. Foreign participation is encouraged in “20+8” industrial clusters, spanning high-end equipment, next-generation IT, and advanced materials, reinforcing Shenzhen’s global manufacturing competitiveness.

• R&D and Innovation: Foreign enterprises are supported to establish R&D centers, innovation hubs, proof-of-concept centers, and new product introduction platforms. Eligible companies gain access to national, provincial, and municipal technology programs, enabling joint research, industrial application, and commercialization.

• Biomedicine: Shenzhen opens pathways for overseas-approved cell and gene therapy clinical trials, accelerates approvals under the “Hong Kong–Macau drug and device access” framework, and pilots gene diagnostics and therapeutic technology development.

• Modern Services: The Measures promote foreign investment in finance, insurance, professional services, and legal sectors, including private equity pilots, bank card clearing, and law firm joint operations with Hong Kong and Macau partners.

Shenzhen emphasizes a business environment where foreign investors can operate with clarity, efficiency, and security:

• Equal treatment in government procurement and standard-setting.

• Strengthened intellectual property protection and dispute resolution, including arbitration and one-stop multi-modal dispute centers.

• Streamlined visas, cross-border capital flows, and income repatriation for foreign personnel.

• Pilots for secure and compliant cross-border data transfers, leveraging Qianhai and Hetao innovation hubs.