(Yicai) Nov. 7 -- Shanghai will give full play to the leading role of Pudong New Area to further open up to the outside world, beef up exchanges with global partners, and promote opening-up, cooperation, and mutual benefits, according to the head of the Chinese city’s free trade zone.

Pudong will continue aligning with high-standard international economic and trade regulations to drive institutional openness, Zhu Zhisong, director of the administrative committee of the Shanghai Free Trade Zone, said at a forum held during the China International Import Expo yesterday.

This ongoing alignment will enhance the movement of capital, technology, goods, talent, and data, creating a more efficient environment that better serves foreign businesses expanding into the area and domestic companies seeking overseas markets, Zhu added.

Pudong, a vast district in the east of Shanghai, has long been a focal point for China’s economic reform and international trade efforts, often pioneering market liberalization initiatives. Since its establishment as part of China’s first free trade zone in 2013, Pudong has continued to advance policies favoring foreign investment and innovation.

In his keynote speech introducing the district to potential overseas investors, Wu Jincheng, head of Pudong New Area, pledged to enhance market connectivity measures to boost cross-border trade, open up international exchanges, and offer more investment opportunities for foreign companies.

Wu pointed to the fact that Shanghai this year introduced a 144-hour visa-free transit policy for foreign nationals, and next year the city will roll out a fresh access policy for its newly established international business cooperation zone near Pudong International Airport.

This policy will permit foreign visitors to stay for up to 30 days without a visa in the zone, with the option to extend their stay by another month. The zone will also allow on-site visa applications for visitors needing to travel to other parts of China.

Earlier this year, the Chinese government approved the creation of this 0.9-square-kilometer cooperation zone, with plans to complete construction by 2030. Once operational, the zone will facilitate international business activities such as negotiations, exhibitions, and training.

Wu also shared plans to open up sectors such as human stem cell and gene therapy, wholly foreign-owned hospitals, and value-added telecoms to foreign investment. Moreover, Pudong is accelerating the setting up of foreign-funded financial projects to support offshore Chinese yuan transactions, offshore bonds, and free trade accounts, thereby advancing Shanghai's role as an international financial hub.

Editors: Tang Shihua, Emmi Laine