Shanghai — a pioneer in reform and opening up
Print Edition
SHANGHAI has improved its ability to offer comprehensive services, with acceleration in the development of the China (Shanghai) Pilot Free Trade Zone as well as the city’s construction as a center of innovation in science and technology with global influence, and deepened supply-side structural reform to push forward the city’s economic growth:
The city made further improvements to lift its ability in providing comprehensive services.
Transactions in Shanghai’s financial market reached 1.43 quadrillion yuan in 2017, helping the city raise its ranking at the Global Financial Centers Index (GFCI) to 6th from 16th in the previous year. Shanghai’s position as a global trading center was strengthened, and it successfully won the bid to host the China International Import Expo.
The city held exhibitions covering 17.5 million square meters last year, making it the world’s top city for fairs. Trade through the Shanghai port reached 7.9 trillion yuan, or 30 percent of the country’s total.
The Yangshang Deep Water Port, the world’s biggest automatic port, has begun trial operation of its fourth-phase dock, and the container throughput of the Shanghai port surpassed 40 million TEUs in 2017 to make the city the world’s busiest port for eight years in a row.
Shanghai also made more efforts to support the Belt and Road initiative. Trade between the city and the B&R countries jumped 18.9 percent year on year in 2017, contributing 20.5 percent to the city’s overall trade growth.
Turnover of contracted projects with those countries surged 51.5 percent, 61 percent of the total growth.
The China (Shanghai) Pilot Free Trade Zone has seen more comprehensive development.
Shanghai has made great efforts to implement the tasks specified in the Plan of Comprehensively Deepening Reform in the China (Shanghai) Pilot Free Trade Zone, and has carried out a study on how to construct the trade port within the zone.
It released the 2017 negative list for foreign investment, while compiling and publishing the country’s first guide for a negative list of further opening the financial sector in free trade zones.
The city started running the 3rd version of “single window” service for international trade.
With innovative policies further stimulating market vitality, more than 50,000 companies were newly registered in the zone, and its foreign investment and trade transactions accounted for more than 30 percent and 40 percent respectively of the city’s total.
At the vanguard
The construction of Shanghai into a global center of innovation in science and technology has made new progress.
Shanghai has gone all out to push forward construction of the Zhangjiang Comprehensive National Science Center, and won national approval to conduct research on hard X-ray free electron laser devices, together with faster development in major technological projects such as ultra-strong and ultra-short laser devices, soft X-ray free electron laser devices and the second phase of the Shanghai Synchrotron Radiation Facility.
Shanghai also released a plan to construct the Zhangjiang Science City and has put it in practice with the establishment of Zhangjiang Lab as well as the construction of six functional platforms for R&D and technology commercialization such as the Shanghai Industrial μTechnology Research Institute.
The city has enhanced efforts to attract overseas talent and senior professionals. Its number of invention patents per 10,000 people reached 41.5, up 17.9 percent from a year earlier; expenditure to support R&D equaled 3.8 percent of the city’s economic output.
Shanghai initiated a new round of measures to alleviate pressure over enterprises, further reducing their financial burden by more than 50 billion yuan. Shanghai revoked or adjusted 119 administrative approval items last year. Shanghai also sped up the elimination of backward production capacity and inefficient construction land. It completed the structural transformation of 1,436 projects in 2017, and reduced inefficient construction land by 8.4 square kilometers.
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