High-level reform and opening up create the "new Pudong speed"

2021-11-08 22:00 930

BEIJING, Nov. 8, 2021 /PRNewswire/ -- A news report by on Pudong New Area:

From signing a project to breaking ground for construction, it just took 78 days. 16 months later, a new company is already open for business. This is the actual experience of Sam's Club flagship store, which recently opened in the Pudong New Area, Shanghai. In 2019, this same place saw how Tesla finished building its Shanghai Gigafactory, started manufacturing and selling within one year. The Sam's store is no doubt another "miracle" of how quickly investment in Pudong can bear fruit. 

All these were made possible by a series of reforms that aim to make the Pudong New Area a primary choice for global business.

Here in Pudong, whether you are opening a restaurant, a supermarket, or a café, one permit is all you need, which would not take more than a few days. Such "one permit for one industry" reform is going deeper, aiming to combine multiple industry entry licenses into one "integrated license."

Changes have also taken place in approval conditions. Some approvals once demanded full meeting of requirements, could now be granted under notification-commitment, when applicants couldn't provide non-critical parameters or designs due to valid reasons.

Ever since Pudong shouldered the task of developing itself into "a pioneer area for socialist modernization," more changes have been taking place.

Last month, the bonded zone in the northeast of Pudong launched "Free Offshore Trade," the first platform for facilitating offshore trade in China. The platform integrates direct information concerning overseas customs declarations and international shipping, etc., making it much easier for banks to verify offshore trade backgrounds and for businesses to operate. All these measures quicken the steps of Pudong.

As the pioneer of China's second round of reform and opening up, Pudong took just 30 years to transform from dormant farmlands into a vibrant land with a modern skyline, which became a magnet for foreign investment. Its GDP grew more than 200 times during that time. "Speed" has always been one of the foremost words people associate Pudong with.

The "Pudong speed" over the past three decades has hinged on bold, practical exploration and reforms in the opening of the financial sector, attraction of foreign investment and land development. While the "new Pudong speed" that brought Tesla and Sam's store to the area, is centered on greater convenience in conducting business and advanced opening up. The change of gear reflects Pudong's commitment to streamline administration and optimize service for businesses, adapting to the latest international market rules. That is exactly how Pudong is fulfilling its mission as a pioneer area.

The 4th Hongqiao International Economic Forum scheduled along with the China International Import Expo, will hold a sub-forum related to Pudong. The New Area is expected to better experiment with new rules and offer even more experiences for deepening China's reform and opening-up.

Since day one, Pudong's reform and opening-up has been global-oriented. Today, Pudong is leading reform and opening up at a higher level, and is playing an even greater role in deepening China's integration with the rest of the world and contributing to an open world economy.

China Mosaic

High-level reform and opening up create the "new Pudong speed"

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