The financial district of Pudong New Area. [Photo provided to english.pudong.gov.cn]

The State Council released on Monday an implementation plan for Pudong New Area's pilot comprehensive reform between 2023 and 2027 so that it can better fulfill its role as a pioneering area for China's socialist modernization, facilitating the country's high-level reform and opening-up.

By overcoming the institutional obstacles, more substantial measures should be rolled out in key areas and scenarios so that the overall vitality can be enhanced in Pudong. Larger stress tests should be taken to serve institutional opening-up at the national level.

By the end of 2027, a high-standard market system and a high-level open market mechanism should be built in Pudong, said the plan.

In specific, a classified and layered data trading mechanism will be set up. The Shanghai Data Exchange, which was established in 2021, should help to facilitate the trusted data flow. Efforts should be made to build a mechanism that separates the right to hold, process, use and operate data. Public data should be made accessible to market entities in an orderly manner.

First attempts should be made to use e-CNY for trade settlement, e-commerce payment, carbon trading and green power trading. The digital Chinese currency's application in fiscal scenarios should be regulated and expanded.

Companies or institutions with their headquarters in Pudong are encouraged to develop offshore economic and trade activities. A chief production officer mechanism mainly made up of company managers or owners from key industries should be set up in Pudong, according to the plan.

Efforts should be made to roll out option products for the technology-heavy STAR Market at the Shanghai Stock Exchange. More convenient settlements in both renminbi and foreign currencies should be provided for cross-border technology trade.

To better attract talents from all over the world, Pudong is given the authority to review and issue confirmation letters for qualified foreign talents. Qualified foreign talents are supported to serve as legal representatives of public institutions and State-owned enterprises in the Lingang Special Area of China (Shanghai) Pilot Free Trade Zone and Zhangjiang Science City, both of which are located in Pudong.

Meanwhile, foreign scientists who have obtained permanent residency qualifications in China are allowed to take the lead in undertaking national science and technology projects and serve as the legal representatives of new research and development institutions in Pudong, according to the plan.

Key domestic universities are supported to introduce well-known foreign colleges and universities to set up high-level schools jointly operated by Chinese and foreign parties in Pudong, which is part of the area's efforts to improve the services provided to the people living here.

Pudong-based State-owned enterprises, which have fully participated in market competition, are supported to introduce strategic investors to take part in corporate governance. Eligible State-owned science and technology enterprises are encouraged to carry out equity and dividend incentives, said the plan.