What if Wall Street was supplanted by Lujiazui, Silicon Valley by Zhangjiang and Hudson Yards by Qiantan in Pudong? It is not entirely fancy. China’s central government paved the way for the new region to come to power.
The State Council, the Chinese Cabinet, issued a directive on July 15 to support the high-level reform and opening up of Pudong, injecting new impetus into its development.
By 2035, Pudong’s level of development and its international competitiveness will make it one of the best in the world. By 2050, it will become a very attractive, creative, competitive and influential field in the world, according to the directive.
The news brought comfort to “veteran Pudong developer” Liu Hong.
Now president of Shanghai Waigaoqiao Free Trade Zone Group Co, he was at the origin of the rise of Waigaoqiao when there was only a vast expanse of reed beds. For 22 years, he oversaw the creation of the country’s first bonded zone and the start-up of the first free trade zone.
“I feel so uplifted,” he said, brimming with new enthusiasm he first exhibited two decades ago. “It reminded me of the early days when a bicycle, a lamp and a box of stationery were all I had for work. We often worked overtime and failed to catch the last ferry back home to Puxi. So some stayed in Puxi. a nurse.”
From farmland to a window to the world, the development of Waigaoqiao is quite the epitome of Pudong.
The decision to open Pudong in 1990 turned it from a poor cousin of Puxi to the driving force behind China’s reform – now contributing 1/80 of the country’s GDP with only 1/8000 of the country’s total land area. China. It is widely believed that the new published directive would mark another turning point in its growth.
Yang Chao, deputy director of Pudong, said the directive sends a signal to the world that China will open up more widely, in which Pudong is still a trailblazer.
In the eyes of Wang Zhan, president of the Shanghai Federation of Social Science Associations, Pudong is still playing the ace card to lead the country’s development. But there is a different social context. In 1990, Pudong was chosen as the place to bring Shanghai back to its former glory. Today there is a bigger picture.
To celebrate the 30th anniversary of the opening of Pudong last year, President Xi Jinping said the next 30 years will be the time for China to build a great modern socialist country.
He called on Pudong to take on new roles and accomplish new missions in the new march where China achieves the great rejuvenation of the nation and the world is undergoing profound changes unprecedented in a century.
Echoing his call, the directive highlights Pudong’s positioning as a central hub of national circulation and a strategic link in China’s new “dual circulation” development paradigm.
China will provide Pudong with an important channel for better use of resources in domestic and foreign markets, help Pudong to better fulfill its leadership role in the integrated development of the Yangtze River Delta, and make it a window for China’s socialist modernization. , did he declare.
Jiang Xiaowei / SHINE
Each step of Pudong is made in accordance with the country’s strategic development, said He Jianhua, former vice president of the Shanghai Academy of Social Sciences. Pudong flies the flag with distinction for China’s reform and opening up, the other being Shenzhen.
Thirty-one years later, it has achieved dozens of “firsts” on the Chinese mainland, from the first financial trading zone to the first export processing zone, from the first all-foreign bank to the first stock exchange.
However, as the reform deepens, underlying problems arise. Thus, the directive came at the right time for Pudong.
“It identifies pain points and topical issues in well-directed content,” Yang said. “Whether in finance, trade, maritime transport or innovation, we can find specific support measures.
The directive listed a series of measures aimed at making Pudong a pioneer area of socialist modernization, highlighting in particular initiatives for an open economy compatible with international rules.
Not only Lingang and Waigaoqiao, but all of Pudong will become an economic zone for testing. This is an important step, said Zhang Hong, director of the Pudong Financial Work Bureau.
She added, “Pudong is responsible for more than 20 pioneering projects such as building investment platforms, optimizing financial systems, and improving financial risk prevention and control.
For example, it will develop offshore yuan trading, cross-border trade regulation and overseas financing services. To be explicit, it will set up an international financial asset trading platform and, on a pilot basis, allow qualified foreign institutional investors to use the yuan to participate in the trading of shares issued on the STAR market of the Shanghai Stock Exchange.
According to Zhang, Pudong will then focus on advancing the pioneering project of the Global Institutional Investor Cluster.
Institutional investors play an important role in the financial market, and it cannot build a plateau in the allocation of global resources without a good ecosystem and a community of institutional investors.
“Pudong has brought together 13 financial factor markets such as the Shanghai Stock Exchange and the Shanghai Futures Exchange. We hope to integrate them to launch more varieties for trading to attract more top institutional investors to exercise activities in Pudong and increase the scale of international investment, ”she said. mentionned.
“We will also strive to build a financial data port, improve the development of the Yangtze River Delta capital market service base and create a mountainous region for leasing,” she said. added.
As for the Shanghai Free Trade Zone and the Lingang Special Zone, they will carry out more intensive stress tests to take the initiative to achieve breakthroughs in a number of key areas. Relevant achievements will then be promoted throughout Pudong, according to the directive.
Special customs surveillance zones will be put in place and some policies for the Yangshan Special Global Bonded Zone will be extended for wider implementation in eligible special customs surveillance zones, he said.
“We have sorted 78 tasks, and 72 have been or are being tested. Now we are working with state level authorities to develop version 2.0 of Lingang development plan,” said Wu Xiaohua, secretary. Lingang Special Zone Labor Party deputy. Committee.
According to Liu, Waigaoqiao will explore to develop high-end R&D, improve the import and export trade of biomedicine, and support the development of high-quality manufacturing enterprises.
“We will be launching stress tests and hope to do more ‘firsts’,” he added.
Xin Yaqin, director of the Pudong Trade Commission, was blown away by the directive’s proposal to make Pudong a center of international consumption.
“We will seize the opportunity to improve consumption, introduce high-level shopping complexes and build world-class commercial monuments,” she said. “The construction to transform the luxury outlets of Qiantan and Florentia Village into new commercial landmarks is still underway. By the end of this year or next year, they will welcome visitors with a new look. . “
The guideline also emphasized scientific and technological development.
He guided Pudong to take advantage of China’s very large-scale market, find the innovation focal points in the industrial chain, guide the upgrading of the country’s industrial chain, and strengthen global influence.
As he said, Pudong will build world-class innovation industrial clusters like the Zhangjiang Comprehensive National Science Center, and work with others in the Yangtze River Delta to make inroads in the invention of basic components. , the launch of high-end products and the formation of “Chinese standards”.
He focused on the development of Zhangjiang, the innovation high plateau of Pudong, said Peng Song, deputy director of the construction promotion office of the Shanghai Science Innovation Center.
He added, “By 2025, Zhangjiang Science City will become the origin of innovation, the home of great minds, a growth pole for high-end industries and a vibrant innovation community.
Xu Xin, director of the Pudong Scientific, Technological and Economic Commission, said Pudong will focus on key industries such as integrated circuits, artificial intelligence and life sciences. It will also explore more international cooperation, create an enabling environment for talent, and attract more leading innovation institutions.