President Xi to become more focused on economic overhaul during his second term. (Photo : Getty Images)
“The door of China’s opening up will not close,” President Xi Jinping said during the National People’s Congress which commenced on Sunday.
In a recent official news agency report, President Xi has told the parliament at its annual meeting that Shanghai should try to ensure its free trade zone and that it should lead China’s plans for reform and advancement of innovation.
President Xi believes that innovation is the key to supply-side structural reform. He is known to push breakthrough in technology. He is also an advocate of educational reform which is needed to create talents necessary for the country’s development.
The Shanghai free trade zone, which was inaugurated in 2013, has continued to grow with the emergence of about 40,000 new enterprises.
Shanghai is also expected to lead in deepening free trade zone reforms. It should also pilot in the advancement of scientific innovation.
President Xi also suggested the use of information technology as part of social governance innovation. The use of the Internet and other technologies will enhance intelligent city management, making Shanghai more orderly. Shanghai must make its mark in strengthening the Communist Party of China discipline, President Xi said.
Shanghai should also support China’s “One Belt, One Road” initiative. The said project will provide services along the Silk Road trade links. It will also help other regions adapt the innovations in Shanghai.
President Xi also said that the Shanghai free trade zone should motivate Chinese entities to “step outside.” Shanghai should also be an example for other regions in China.
China insisted on steady economic progress despite the global environment being complex and volatile and even with the pressure on the domestic economy.
Seven new free trade zones would be set up in China as announced last August. The locations will be in Liaoning, Zhejiang, Henan, Sichuan, Shaanxi and Chongqing.
President Xi expects Shanghai to set examples of innovation for these new free trade zones across the country.
