Shanghai brainstorms mandate for higher-level reform and opening-up

Shanghai's officials, academics, financial professionals and industry experts on Monday brainstormed the best possible ways to quickly implement the central authorities' latest guideline to develop Pudong New Area into a pioneer of socialist modernization.

At the meeting organized by Shanghai, leading lights agreed that implementation should enhance the city's overall attractiveness, creativity, competitiveness and influence.

On Thursday, the Communist Party of China Central Committee and the State Council, China's Cabinet, released a guideline that Pudong New Area should pioneer China's higher level of reform and opening-up, and serve as a strategic link between the domestic and international markets.

Covering 1,210 square kilometers in eastern Shanghai, Pudong started its development and opening-up in 1990. The area contributed 34 percent to the city's total GDP last year, or 1.32 trillion yuan ($203.6 billion), which was 219 times the number three decades ago.

Shanghai's Party Secretary Li Qiang said during the Monday meeting that efforts should be made to firmly advance Pudong's new round of reform and opening-up.

By helping Shanghai explore new development strategies and discover new development drivers, Pudong should take the initiative in facing the external risks and challenges, he said.

Pudong should also take the lead in not only Shanghai but China regarding systemic opening-up, said Li.

Practices applicable to the special economic zone should be adopted throughout Pudong. Mature and effective systemic standards should be first rolled out in investment, trade, finance and talent management.

China (Shanghai) Pilot Free Trade Zone and its newly included part, the Lin-gang Special Area, should undergo financial stress tests at a higher level to come up with a risk control system that would be in line with the new round of reform and opening-up, he said.

Meanwhile, Pudong should lead innovations in core technologies and industries, providing more high-level technologies for the country, said Li.

Major breakthroughs should be made in key sectors like integrated circuits, biomedicine and artificial intelligence. The link between basic research, applications and industrialization should be further strengthened. Innovation results, industries, financial capital and talent should be more deeply integrated so that a world-class innovative industrial cluster can be built in Pudong, Li said.

The new round of reform should be conducted comprehensively. The local government should come up with comprehensive authorization lists to provide innovative government services, improve the overall business environment and build high-standard market systems, he said.

Pudong should further improve its capabilities in terms of allocating global resources. So, Pudong should team up with the rest of the Yangtze River Delta region to build a global shipping hub rapidly.

Under the Belt and Road Initiative, more Pudong-based companies should be able to reach global markets, he said.