SHANGHAI’S Pudong New Area is to be positioned as a “pioneer area for socialist modernization,” guidelines jointly issued by the Communist Party of China Central Committee and the State Council revealed.

The guidelines were rolled out as China moves along with the “dual circulation” development strategy, which takes domestic development as the mainstay with domestic and international development reinforcing each other. They aim to foster Pudong’s transformation into a central node of domestic circulation and a strategic link of the development paradigm, Cong Liang, vice chairman of the National Development and Reform Commission (NDRC), said at a press conference Tuesday.

They also demonstrate China’s unswerving determination and confidence in deepening reform and opening up, he said.

China has set up five strategic positions and two phased goals for Pudong.

The area will be developed as a pioneer area for higher-level reform and opening up, a benchmark of an era for independent innovation and development, a functional highland for global resource allocation, a guide for expanding domestic demand, and a model for modern urban governance, Cong said, adding that it is also expected to play a better role in leading and stimulating the integrated development of the Yangtze River Delta.

By 2035, the area will see its modernized economy comprehensively established, modern urban districts built and modernized governance fully realized. Its urban development level and international competitiveness will be at the forefront globally.

By 2050, Pudong is expected to become an important urban area that is highly attractive, creative, competitive and influential globally, as well as a model of urban governance.

China will build international economic, financial, trade, shipping and tech-innovation centers in Shanghai, and the guidelines list 27 measures to be taken in Pudong, according to Cong.

Pudong will expand openness and take the lead in establishing a new system for an open economy that is compatible with prevailing international rules.

Regarding financial opening up in Pudong, China will innovate yuan-based financial products for the international market, explore yuan forex futures trading on the China Foreign Exchange Trade System, the interbank trading and foreign exchange division of China’s central bank, and support the development of yuan offshore trading.

(SD-Xinhua)