Shanghai is poised for a major leap forward in high-level institutional openness within its free trade zones (FTZs), as the city is preparing to collaborate on the formulation and rollout of a new scheme aimed at enhancing openness in the FTZs, version 2.0.

At a meeting to discuss the construction of China (Shanghai) Pilot Free Trade Zone held on March 17, the need for more vigorous and deeper reforms and innovations became clear. Focus was placed on strengthening core functions, enhancing comprehensive service capabilities, and sustaining momentum in nurturing new quality productive forces and building a modern industrial system.

Over the past year, the Shanghai FTZ and Lin-gang Special Area have achieved notable results, with the accelerated implementation of national strategic tasks and the strengthening of growth engines. With this year marking the fifth anniversary of the Pudong New Area's leading role in opening up and the beginning of a new five-year journey for Lin-gang Special Area, there is a renewed focus on aligning with central government requirements and embracing significant tasks to build a more open economic system.

Shanghai aims to continue driving quality and efficiency improvements in the construction of its FTZ and Lin-gang Special Area. Efforts will be made to steadily expand institutional openness and support the national formulation and launch of the FTZ high-level institutional openness 2.0 scheme. The city will also push forward landmark reforms, focusing on key areas such as the market-oriented allocation of production factors and the transformation of government functions.

Moreover, Shanghai plans to deepen the construction of linked innovation zones, leveraging the legislative authorization granted to Pudong to better nurture and support emerging enterprises. Efforts will also focus on functional development, aiming for practical measures and tangible results in the implementation of significant policies and projects.

Additionally, Shanghai aims to accelerate the construction of high-level carriers, such as the Eastern Hub International Business Cooperation Zone, to enhance its attractiveness, agglomeration capacity, and influence on global high-end resources. Special economic functions will be cultivated, with an emphasis on strengthening offshore financial and trade services to promote the high-quality development of new business models.