SHANGHAI will show its commitment to reforms and innovation by launching detailed implementation measures for an ambitious plan covering 40 targets of the city’s free trade zone, Shanghai Party Secretary Han Zheng said over the weekend.
“The breadth and depth of Shanghai’s reform are unprecedented,” said Han during his brief one-on-one meetings with 10 CEOs and chairmen of the world’s biggest companies on Saturday. They were in the city for the IBLAC, or the International Business Leaders’ Advisory Council for the Mayor of Shanghai.
“Through reforms, we are trying to build up an environment where innovation is encouraged in the whole society,” Han said, echoing the IBLAC meeting’s theme this year.
“Shanghai is building itself into a globally influential center of innovation in science and technology, so we need to learn from global wisdom and worldwide best practices, especially leverage the power of global talent with international perspectives.”
Han said he hopes new and old friends from global businesses “can share with us their theories and experiences in innovation and offer us advice.”
On Saturday, Han met the heads of Vale SA, Evonik Industries, AIG, Allianz, EY, Novartis, Roche, BNP Paribas, Investor AB, and WPP.
During the meetings, Han frequently referred to the new 40 goals of financial reforms in the free trade zone as proof of the city’s commitment on reforms and openness.
The plan reiterates that capital account will be convertible and cross-border use of the yuan will expand in Shanghai’s free trade zone.
Its 40 goals also included promoting the cross-border use of the yuan in trade, direct investment and financial investment, as well as wider opening of the financial services sectors.
The plan, released on Friday, was jointly unveiled by the Shanghai government and six central ministries and agencies.
IBLAC was initiated in 1989 by then-mayor Zhu Rongji, who later became China’s premier.