The government of Shanghai's Pudong New Area has signed a strategic cooperation agreement with the Bank of Communications to have strengthened financial support in bolstering Pudong's socioeconomic development.

Hou Weidong, vice president of the Bank of Communications and Ji Zhaoliang, standing member of the CPC Pudong New Area Committee and executive deputy head of Pudong New Area, signed the agreement on behalf of both parties.

A free trade zone financial innovation joint lab was inaugurated on the same day, April 29, when the agreement was signed. Xu Bin, president of Bank of Communications Shanghai Branch and Wang Hua, deputy head of Pudong New Area unveiled the nameplate for the lab.

The cooperation is expected to create a win-win situation for banks, governments, and enterprises.

The Bank of Communications will continue to leverage its location superiority, organizational coordination advantages and all-round service strength in investment and financing to augment its innovative capacity. It will play an important role in pioneering new approaches and making trial endeavors. The bank will strengthen cooperation with the government of Pudong New Area in various fields including headquarters economy, platform economic development, reform of Pudong State-owned enterprises, major project construction, scientific and technological innovation business and talent exchange and cooperation.

According to a person in charge, the Bank of Communications will fully support the financial construction of the China (Shanghai) Pilot Free Trade Zone with enhanced financial innovation ability. It will help build the “Shanghai Service” brand of the international financial center.

Ren Deqi, president of the Bank of Communications; Weng Zuliang, member of the Standing Committee of the CPC Shanghai Municipal Committee, and Party chief of the Pudong New Area; Hang Yingwei, deputy secretary-general of the Shanghai Municipal Government, deputy secretary of the CPC Pudong New Area Committee, and head of the Pudong New Area attended the event.