Shanghai Free Trade Zone 7 years on / Latest

Mapping a path for reform in Shanghai's planning

By SHI JING and ZHOU WENTING | | Updated:2020-12-11

Editor's note: Shanghai released its proposal for the city's next five-year plan and its development goals for 2035 on Thursday. China Daily takes a closer look at how the city has mapped out its path to help drive China's further reform and opening-up.

Shanghai meets five-year plan goals despite pandemic

Despite market complexities and uncertainties, which have been aggravated by the COVID-19 pandemic, Shanghai has managed to meet the goals in its 13th Five-Year Plan (2016-20), with the city's annual GDP estimated to top 3.9 trillion yuan ($596 billion) by the end of this year, the municipal government announced on Thursday.

The city's GDP per capita is expected to reach $23,000 by the end of 2020, according to the latest public data. The goal of building Shanghai into a world-leading economic, financial, trade and shipping center, which was announced in 2009, has been met, and the city's economic capacity has reached the world's top level, said the municipal government.

Authorities added that the quality of economic development in Shanghai has significantly improved, with the service industry assuming a dominant role in the city's industrial structure.

Reform and opening-up has been carried out at a faster pace in Shanghai over the past five years. The China (Shanghai) Pilot Free Trade Zone has played a leading role in deepening reform and opening-up, with a number of successful results first attempted in the Shanghai FTZ now being promoted nationwide.

The three decisions for Shanghai's development that President Xi Jinping announced at the first China International Import Expo — the expansion of the China (Shanghai) Pilot Free Trade Zone, the launch of technology-heavy STAR Market at the Shanghai Stock Exchange and the registration-based initial public offering mechanism, and the integrated development of the Yangtze River Delta region — have all been implemented, officials said.

The business environment in Shanghai has also improved noticeably. Pudong New Area, which celebrates its 30th anniversary this year, has shown more progress in further opening-up.

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