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According to the guideline, Pudong will expand openness from the factor level to the system level and take the lead in establishing an open economic system that is compatible with prevailing international rules. A special economic function zone will be built in Pudong, and risk tests on the open economy in the area will be intensified. What are the considerations behind this target? Regarding expanding openness from the factor level to the system level, what are the specific plans and how will these plans be carried out? What messages does it send concerning intensifying risk tests on the open economy? Thank you.

Chen Ying:

Thank you for your questions. Back in 2010, Comrade Xi Jinping paid a visit to Pudong and put forward three requirements concerning the area's development principles. He stressed that Pudong's development is significant due to its exemplary role and functions, its courage in pilot trials, and its functions as a pacesetter. These three requirements are further reflected in the CPC Central Committee and the State Council's guideline, which supports building Pudong into a pioneer area for socialist modernization. The guideline stipulates that a special economic function zone will be built in Pudong, which demonstrates the necessity of carrying out opening-up policies and systems that are highly competitive in the global market. All of these provide new opportunities for Pudong's development and grant it new historic missions. This is reflected in the following three aspects:

First, more advanced pilot trials will be carried out in Pudong in a bid to showcase its full opening-up. The guideline stipulates that Pudong will pilot system-related opening-up measures. While further expanding openness in the fields of investment and trade, the area will also work to enhance its cooperative capacity domestically to better contribute to the national development strategy. We will highlight the internal driving force of market entities, give full play to the platform function of China (Shanghai) Pilot Free Trade Zone, its new Lingang area, and Yangshan Special Comprehensive Bonded Area. More institutional innovations will be introduced to meet the needs of enterprises and encourage more market entities to develop their internal driving force. We will also double the efforts to prevent systemic risks. As we usually say, openness is only possible under sound management. We will think about worst-case scenarios, coordinate relations between development and security, and establish a risk-control system concerning financial risks, public health emergency response, urban security, and safe production so as to better cope with a higher-level reform and opening-up.

Second, more advanced industrial functions will be developed in Pudong. By building a special economic function zone, the area's industrial capacity will be further expanded. We will focus on developing world-level industrial clusters in the fields of integrated circuits, artificial intelligence, and biomedicine so as to promote breakthroughs in key lines and core technologies. We will proactively study and practice new topics concerning international economic and trading rules, such as digital currency, building institutional strength and competitiveness concerning industrial development, and accelerating our pace in establishing an open industrial system that matches its positioning of a special economic function zone, so as to better participate in the global market on behalf of the country.

Third, a stronger exemplary role of Pudong will be given full play. To build a special economic function zone in the area, the key is to enhance the capacity of leveraging global resources. Looking forward, we will work to seek greater synergy among core fields such as finance, shipping, trade, and sci-tech innovation. We will build Pudong into a central pivot of domestic economic circulation and also a strategic link between domestic and international circulation. By doing so, we will better integrate Pudong's higher-level reform and opening-up into major national strategies such as the integrated development of the Yangtze River Delta and Hongqiao international open hub to give full play to Pudong's leading role in the integrated development of the Yangtze River Delta. Thank you.

Chen Wenjun:

Thank you to all the speakers and friends from the media. Today's press conference is hereby concluded. Goodbye.

Translated and edited by Zhang Liying, Wang Qian, Wang Yanfang, Zhou Jing, Lin Liyao, Zhang Junmian, Zhang Rui, Wang Wei, Yuan Fang, Yan Xiaoqing, Xu Xiaoxuan, Yang Xi, Wang Yiming, Zhu Bochen, Li Huiru, Qin Qi, Wang Yanfang, David Ball, Jay Birbeck, and Tom Arnstein. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.