(Yicai Global) Jan. 21 -- The Shanghai government has put this year’s economic growth target at 5.5 percent and is placing the emphasis on its Pudong New Area, where the financial hub of Lujiazui and the free trade subzone Lingang New Area are located, to lead high-level reform and opening up.

Pudong will carry out pilot reforms, create industrial innovation and service platforms, introduce more international-oriented Chinese yuan financial products and promote the establishment of a nationwide commodity warehouse receipt registration center, Mayor Gong Zheng said in a government work report yesterday.

More stress testing will be carried out in the Lingang New Area, a recent extension to the city’s FTZ, in order to develop the first system-based opening-up measures that dovetail with the highest international economic and trade standards, he said. The city will also bring in new measures to help more tech firms go public on the Shanghai stock exchange’s Nasdaq-style Star Market.

Shanghai has undertaken many major tasks in recent years, including the establishment of a new section of the Shanghai Free Trade Zone, the launching of the Star Market and the introduction of the quicker and simpler registration system for initial public offerings, said Quan Heng, party secretary of the Shanghai Academy of Social Sciences.

All this helps Shanghai form modern economic and industrial systems, he added. 2022 is a key year for Shanghai to develop strategic advantages for future development. The city is still building momentum for its high-quality development and the advantages will be more obvious in two or three years.

Last year the metropolis saw its GDP increase by 8.1 percent to CNY4.3 trillion (USD680.8 billion), in step with the nation’s economic growth. The three sectors of integrated circuits, biomedicine and artificial intelligence lead growth with their output value jumping 18.3 percent from the year before.

This year, these three sectors will remain the focus, Gong said. The city will support the independent innovation capability of chipmakers, promote the development and commercialization of new drugs and medical devices and help build smart end devices that can be used in airports, buildings and energy scenarios.

As an international financial and shipping hub, Shanghai also plans to further develop its financial and shipping service industries, promote the construction of an international financial asset trading platform as well as the trading of shipping freight index futures. It will support green finance, fintech and cross-border financial business innovation, and encourage more multinational companies, state-backed enterprises and private firms to set up their regional headquarters in the city to expand its R&D, sales and financial functions.

Editor: Kim Taylor