Focus on opening up, digital change

SHANGHAI will place further emphasis on expanding opening up, and boosting digital transformation during the China’s 14th Five-Year Plan.

The city set the targets for its economic development over the next five years, aiming to post overall GDP growth on par with the national pace, according to its proposals for the Five-Year Plan for 2021 to 2025 for the city's economic and social development and its long-term vision through 2035. This was released yesterday at the Fifth Session of the 15th Shanghai People’s Congress.

It aims to accelerate the gathering of global highend resources, enhance the international influence of factor markets, and post a total transaction volume on financial markets of 2,800 trillion yuan (US$430 trillion).

Expenditure on research and development in is expected to hit 4.5 percent of the city’s GDP, with major breakthroughs in tackling key technical problems.

The city also targeted in advantages in its functions as an open hub, and new breakthroughs in the construction of a higher-level open economic system, with the total number of regional headquarters of multinational companies topping 1,000.

The Pudong New Area is expected to make significant progress in building a pioneer area for socialist modernization development. Output of the he new Lingan area of the pilot free trade zone is forecast to be quadruple that of 2018.

Shanghai will strengthen the financial sector to better serve the real economy. It will establish a financial services system that supports independent innovation in science and technology, gives full play to the role of the STAR Market on the Shanghai Stock Exchange, supports and encourages more high-tech enterprises to go public, and lures more long-term capital.

The city also plans to develop direct financing, strengthen the function of the capital market as a hub, and optimize the mechanisms of information disclosure, issuance and de-listing.

Shanghai pledged to improve its function as an international trade center, building an import and export commodity distribution center which connects the Yangtze River Delta, serves the country, and has a spillover effect on the Asia-Pacific region.

Development of high-end industries, especially the key areas of integrated circuits, bio-medicine and artificial intelligence, will remain among the top priorities.