Ahead of the 12th Communist Party of China Shanghai Congress, the government has detailed the city’s achievements over the past five years, from creating a more open economy with pilot free trade zones and the STAR Market to holding world-leading events such as the China International Import Expo.
The government also released the agenda of the 12th CPC Shanghai Congress that will be held from Saturday till next Monday. The congress is held once every five years.
The total output of industrial enterprises above designated size-those with annual main business revenue of 20 million yuan ($2.97 million) or above-in Shanghai’s Lingang Special Area of China (Shanghai) Pilot Free Trade Zone, hit 264.2 billion yuan last year, a year-on-year increase of 72.7 percent, official data showed.
“The city has implemented a raft of favorable policies for furthering opening-up,” Zhuge Yujie, deputy secretary of the CPC Shanghai Committee, said at a news conference on Wednesday.
The fixed-asset investment in the area reached 101.1 billion yuan, up 62 percent from 2020.
Developing FTZs has been one of the vital pillars in Shanghai to building a high-level open economy in the past five years, said the top official.
In the financial sector, the Shanghai Stock Exchange’s STAR Market established in the city in 2018 has facilitated the connection between financial capital and innovation resources nationwide.
“The adoption of a registration-based initial public offering mechanism in the city has also been a major driving force for the institutional innovation of the capital market nationwide,” Zhuge said. As of last year, 377 companies have listed on the STAR Market in the city, with total financing exceeding 500 billion yuan. – CHINA DAILY
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