Market Overview

Pudong New Area: Institutional changes are the real miracle

Share:

Pudong New Area: Institutional changes are the real miracle

PR Newswire

BEIJING, Sept. 13, 2018 /PRNewswire/ -- A news report by China.org.cn on China (Shanghai) Pilot Free Trade Zone:

If we look at China's coastal line as a bow, the Yangtze River is an arrow, and the city of Shanghai is the arrowhead. An even closer examination reveals the Pudong New Area at the very edge of the city. The former farmland and reed marshes have been miraculously transformed under China's reform and opening up process.

In 1990, when the Chinese government decided to establish a new area in Pudong, the regional annual GDP was only six billion yuan. Last year, the figure had increased by 160 times to nearly 965.14 billion yuan. Today, Pudong has become an international metropolitan area full of high-rise structures, and the landmark Shanghai Tower, at 632 meters, is recognized as the world's second highest building.

The fast development of Pudong can be attributed to the region's pioneering spirit. Great changes are taking place here on a daily basis. Currently, the most important program underway there is the China (Shanghai) Pilot Free Trade Zone. Opened in 2013, the zone is the first of its kind in China, providing the most convenient business atmosphere for enterprises. Today, a foreign enterprise can complete the whole business registration process in three days, compared to three to six months it might have taken in the past. Thanks to favorable policies, open and transparent systems and complete functions, the pilot free trade zone has become the first choice for foreign enterprises to access the Chinese market. World-famous companies establishing offices here include Microsoft, L'Oréal, PricewaterhouseCoopers , General Electric and Tesla.

Economist Steven Ng-Sheong Cheungs says: "China's economic growth is not a miracle, institutional changes are the real miracle." Institutional changes have brought an obvious fascination and vitality. In less than 30 years, Pudong has seen tremendous changes.

Most of the special economic areas established in China at the beginning of reform and opening up relied mainly on special preferential policies to attract investments. However, over-relying on such policies may hinder the flow of essential production factors in the long run. And the model cannot be copied or applied elsewhere. The Pudong New Area has instead focused mainly on more essential institutional changes, making brave and pragmatic explorations in opening finance, absorbing foreign funds, developing land resources and improving the business environment.

Allowing the pilot areas and zones, the "fulcrums", to play a leading role in bringing about overall development is the important experience gained by China in the past 40 years of reform and opening up. The Pudong New Area, and especially the pilot free trade zone, are just such "fulcrums" as well as typical examples leading China's high-quality economic development. The word "pilot" has meanings of both "an experimental field" and "navigator", and both can be applied in Pudong. Currently, a number of institutional reforms, first launched in the pilot free trade zone, have been copied and promoted throughout the country. As a pioneer of China's reform, Pudong is pressing forward without pause.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm

Pudong New Area: Institutional changes are the real miracle
http://www.china.org.cn/video/2018-09/13/content_63403589.htm

About China.org.cn

Founded in 2000, China Internet Information Center (China.org.cn/China.com.cn) is a key state news website under the auspices of the State Council Information Office, and is managed by China International Publishing Group. We provide round-the-clock news service in ten languages. With users from more than 200 countries and regions, we have become China's leading multi-lingual news outlet introducing the country to the outside world.

We are one of the country's authoritative outlets for government press releases and are authorized to cover various major events. "Live Webcast" is our online webcasting service to present State Council Information Office press conferences in both Chinese and English languages. We are reputed for timely and accurate delivery of news and information, and wide interactions with audiences. In addition, we are authorized to publish and live broadcast major events and press conferences of ministries, local government agencies and institutions as well as enterprises.

In the era of mobile internet, we endeavor to create an array of products for mobile devices headed by the multilingual WAP platform and the mobile APP. We also use Chinese and international social media to publish information for different user groups.

In the future, CIIC will continue to offer authoritative information about China, tell China's stories, voice China's opinions, and introduce a vivid, panoramic and multicultural China to the world through multi-language, multi-media and multi-platforms.

Contact: pr@china.org.cn

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/pudong-new-area-institutional-changes-are-the-real-miracle-300711963.html

SOURCE China.org.cn

View Comments and Join the Discussion!