Pudong has more to offer with further development targets clarified

Shanghai's Pudong New Area reiterated its determination to build a pioneer area for socialist modernization.

Hang Yingwei, director of the Pudong New Area and deputy secretary general of the Shanghai government, on Saturday delivered a speech at the Hongqiao International Economic Forum, which is a key part of the fourth China International Import Expo. He clarified some major targets of Pudong's further development in economy, reform and opening-up, innovation, and people's livelihoods.

With the aim to achieve economic development of higher quality, which is seen as the cornerstone of the pioneer area, Pudong expects to see six major economic indicators – regional GDP, total imports and exports, industrial output of enterprises above designated size, cumulative fixed-asset investment in five years, added-value of service industry, and total sales – all surpass the 1 trillion yuan (US$156.7 billion) mark.

It targets the development of six core industrial clusters worth hundreds of billions of yuan. These are data hubs, future cars, Chinese chips, smart manufacturing, new drugs, and civil aviation. It also expects to see six functional indices – paid-in foreign investment, regional headquarters of multinational companies, foreign research and development centers, companies listed on Shanghai Stock Exchange STAR Market, licensed financial institutions, and national financial infrastructure – rank high in Shanghai.

Year-to-date data showed that six economic indicators have achieved double-digit growth in Shanghai. Regional GDP, industrial output, and total imports and exports all posted rises of over 10 percent year on year, while total retail sales of consumer goods, total commodity sales, and major infrastructure investment all soared by more than 20 percent.

In terms of expanding reform and opening-up at the higher level, Pudong is building a special economic functional zone in the entire area, with the results from the test fields in Shanghai Pilot Free Trade Zone and Lingang Special Area, deepening institutional opening-up and exploring comprehensive reforms.

To make Pudong a more sought-after place for innovation, Hang also pledged to promote the science and technology innovation system, cultivate featured industrial parks, and optimize policies for talent attraction.

Industrial parks to be constructed and developed, according to the plan, include Zhangjiang AIsland, Large Aircraft Industrial Park in Lingang Special Area, Waigaoqiao Intelligent Manufacture Service Park, Zhangjiang Innovative Medicine Industry Base, and Jinqiao 5G Eco-park.