Pudong policies to boost core industries

Xu Lingchao
Official says raft of new measures will give the district more power to enable industrial transformation and create a better business environment for local firms. 
Xu Lingchao

The Pudong New Area issued 15 policies on Wednesday to boost the development of its science and technology industries, including more access to process applications by hi-tech enterprises, a national level laboratory in Zhangjiang and open roads in Jinqiao Town to test driverless vehicles.

The policies will mainly focus on the district’s core industries — chips, medicine, intelligent manufacturing, automobiles, big data and aviation.

One policy offers companies or projects making outstanding breakthroughs a bonus of up to 50 million yuan (US$7 million).

Tang Shiqing, head of the Pudong Science and Economy Committee, said the new policies will give the district more power to help industrial transformation, converging resources as well as creating a better business environment for local firms.

“It has long been an issue for many companies when they apply for land,” said Tang. “But in the future, we will offer more convenience to companies with good projects to help them achieve their goals.”

Meanwhile, the Shanghai government is also empowering Pudong’s development.

The People’s Bank of China said it will simplify the process of cross-border yuan trade settlement for companies in Pudong so that more foreign investment may find it easier to do business in the district.

The bank also said it will optimize its cross-border capital operation services to foreign investment to attract more companies to base their headquarters in Pudong.

Lu Ming, of the Shanghai Commission of Economy and Informatization, said Pudong is home to China (Shanghai) Pilot Free Trade Zone and the center of China’s science innovation and that the commission will cooperate with the district to help more firms to list on the STAR board.

The commission will help the district with infrastructure construction. Pudong will build industrial parks for aviation companies such as COMAC. Medicine and medical equipment base centers will be built in Zhangjiang in the near future.

Lu also said that, as the frontline of the integration of the Yangtze River Delta region, Pudong has more potential to woo scientific and technological projects from the region.

The Shanghai Science Commission signed an agreement with Pudong on developing research institutions and hi-tech firms.

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