Pudong to implement stress tests of institutions

The Pudong New Area located in East China's Shanghai city will increase the use of stress tests to help accelerate the opening up by various institutions of rules, regulations and management standards this year, the chief of the area said on March 7.

Benchmarked against international economic and trade rules with high standards, a number of reforms and opening-up requirements have already been sorted out – in line with the national guideline, actual conditions in the Pudong, as well as the needs of resident businesses.

That's according to Zhu Zhisong, Party secretary of the Pudong New Area and a deputy to the National People's Congress.

He stressed that the reform and the opening up of Pudong must be closely combined with the improvement of functions and levels, in an overall process that will ultimately enable the country to participate more in international trade and commerce.

To boost the allocation of global resources, it is understood to be necessary to promote the construction of a number of functional platforms – such as an international financial asset trading platforms and an international oil and gas trading and pricing center – and develop renminbi offshore trading, cross-border trade settlements and overseas financing services.

In order to enhance the leading role of high-end industries, Zhu said efforts should be made to break through the "bottlenecks" of key core technologies and build world-class industrial clusters in the fields of integrated circuits, biomedicines and artificial intelligence, as well as look forwards to further expanding into such new fields as the digital economy.