The Lujiazui Financial District in Shanghai's Pudong New Area. [Photo/xinmin.cn]

The Lujiazui Administration Bureau of the Shanghai FTZ has provided a number of professional services through institutional innovation. It only took two months for enterprises to complete all procedures. 

In the first quarter of this year, Lujiazui added six regional headquarters of multinational companies. To date, there are about 105 regional headquarters of multinational companies, accounting for one-third of the total in the Pudong New Area. 

The institutional innovation advantage of the budding hot spot is indispensable behind the radiating economic effect. 

Financial leasing enterprises in the bonded area are also enjoying a high-quality and efficient business environment.

Chen Yanfeng, deputy director of the Administration Bureau of the Shanghai Pilot Free Trade Zone Bonded Area, said that the development of financial leasing is accompanied by institutional innovation such as charging foreign currency rents for operating leases.

"Our goal is to cut the entire process time by half for key enterprises from project application to business operation. In the national scope, we aim to achieve the fastest efficiency with the least materials and troubles," he said, "Our long-term goal is to align with the advanced areas of the international financial leasing industry such as Ireland and Singapore, and achieve a world-class level.”

Rui Mingjie, a professor of the School of Management at Fudan University, believes that Shanghai's economic transformation and upgrading should be considered in the context of a new pattern of global industrial division. It is a general trend to integrate global resources and take the road of opening up and innovation.

He said that new areas such as 5G, artificial intelligence, biomedicine and new service industries are likely to have a decisive impact on future industrial systems.  In this regard, Shanghai should not only take the initiative to respond to new changes in the industry by representing the country in international competitions but also follow the new trend of the market and create "top products of the time."

Shanghai should focus on innovation and foster new drivers of growth. Specifically, it should fully explore the source of innovation-driven power, accelerate the implementation of industrial innovation projects, and promote the transformation of scientific and technological innovation achievements, so as to develop from nothing to something and fill the domestic gap.

Relying on the industrial hinterland of the Yangtze River Delta region and taking advantage of advanced manufacturing and new-generation information network technology, the city has the opportunity to take the lead in the competition of the industrial Internet and intelligent manufacturing.