Pudong New Area in Shanghai has made significant progress in building itself into a pioneer of socialist modernization over the past year. It has completed more than 90 percent of its 450 tasks to reach the goal by making progressive achievements in reform, innovation and opening-up.

Last year, the first Pudong New Area regulation Several Provisions on the Registration and Confirmation System of Market Entities in Pudong New Area of Shanghai was implemented on Mar 15, which greatly simplified the registration process for enterprises.

"It used to take three to six months to increase capital, which has been cut to three days after the reform was implemented," said Wu Liwei, chairman and general manager of Shanghai Yinguan Semiconductor Technology Co.

Zhang Li, director of the market supervision bureau in Pudong New Area, revealed that the market entities would be given more power to run their businesses. By the end of 2022, more than 41,000 registrations for market entities had been accepted through the confirmation system.

The implementation of Giants of Openness and Innovation (GOI) is another major step of institutional innovation in the area.

The Shanghai Innovation Center was jointly established by Siemens Healthcare and Zhangjiang Group in 2021, and is one of the four innovation centers of Siemens Healthcare in the world. The center has created nearly 40 high-value patents, with four enterprises being funded 135 million yuan ($21.3 million) from social capital financing.

Li Hui, director of the scientific and economic commission in Pudong New Area, said that up to now, 65 GOIs have been established in Pudong, and the empowering enterprises have totaled over 2,200.