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“Our tasks for the next stage are to improve the quality and efficiency of economic development, let urban development be more sustainable and livable and to lead the way in the transformation,” Weng said.
After more than two decades of development, Pudong is standing at a historical starting point to be a forerunner in leading the reform and opening-up of Shanghai and serving the broader national strategy.
The Shanghai FTZ in Pudong has carried out more than 100 institutional innovations, including creating a “negative list” specifying investment sectors that are off-limits to foreign investors, and allowing foreign firms to operate under the same investment rules as domestic ones.
Replicating these successes nationwide will greatly benefit foreign businesses, officials say.
Pudong’s Science and Technology Development Fund also chipped in 1.39 billion yuan (US$200 million) to support more than 10,000 projects in the construction of the science technology innovation center.
And companies in Pudong have enjoyed about 80 billion yuan in tax deductions, including for research and development.
At present, Pudong has 1,510 high-tech enterprises and 527 research and development institutions. Regional output reached 860 billion yuan last year, an average growth of 9.3 percent year on year.
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