Government head of Pudong New Area Wu Jincheng: Meet Opening-up Pudong, Embrace a Bright Future

南方财经全媒体记者李依农 上海报道

The 7th Hongqiao International Economic Forum's parallel session, themed “Pudong and the World: High-Standard Institutional Opening-up For New Development Opportunities”, took place on November 6, 2024, in Shanghai. This session brought together global leaders and experts to discuss Pudong’s pivotal role in China’s economic and technological endeavors. Wu Jincheng, government head of Pudong New Area, shared insights into the region's achievements and future-oriented strategies to foster further growth and global integration.

In his keynote address, Wu highlighted Pudong’s evolution from a reform-driven window of China to a hub of international business and innovation. After 34 years of opening up, Pudong has grown into a dynamic urban center with a GDP exceeding $230 billion in 2023, and robust foreign investment. Housing 28,000 foreign-funded enterprises, nearly half of Shanghai’s multinational regional headquarters, and 60% of its foreign trade, Pudong’s appeal is evident as a magnet for global capital.

Wu emphasized Pudong's commitment to an open business environment by benchmarking international standards and continuously optimizing services. New initiatives aim to bolster sectors like healthcare, finance, and telecommunications, with a focus on facilitating market entry for foreign enterprises, enhancing cross-border trade, and advancing renminbi offshore transactions. Additionally, Pudong’s policies on trade facilitation have introduced innovative tax benefits, expedited e-commerce pathways, and special entry allowances for key medical products, solidifying its position as a gateway to China’s vast consumer market.

On fostering international engagement, Pudong International Airport now offers a 144-hour visa-free transit policy, a one-stop service center for foreigners, and will soon host the Eastern Hub International Business Cooperation Zone, easing access for international professionals.

Wu further invited global investors to explore Pudong’s major projects, including the new Eastern Hub Area, Disney's expanded attractions, and high-tech parks in Zhangjiang. He also highlighted Pudong’s strategic advancements in innovation, with specialized parks like “Pharma Valley” and “Robot Valley” and companies such as Roche and Insilico Medicine leading R&D efforts across fields from biomedicine to AI-driven drug discovery. These developments make Pudong a beacon for innovation and entrepreneurship, attracting talents worldwide with supportive services and incentives for high-level professionals.

Beyond business, Wu underscored the district's commitment to a sustainable, vibrant living environment. Pudong is evolving as a green, low-carbon district, with walkable neighborhoods, an extensive public transit network, and abundant cultural and recreational amenities, blending urban sophistication with ecological balance.

In closing, Wu expressed Pudong's openness to the world and its dedication to high-standard institutional reforms that align with China’s modernization goals. He warmly invited global partners to invest, innovate, and thrive in Pudong, a city of dreams and opportunities, embracing the bright future of openness and collaboration.

This parallel session of the Hongqiao Forum showcased Pudong as an inspiring example of China’s high-standard institutional opening up, positioning it as a leading platform for fostering international cooperation, economic innovation, and sustainable growth.