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China Daily Website

Shanghai takes the lead in structural transformation

Updated: 2013-11-01 20:40

Shanghai should set a good example for the other parts of the country in industrial upgrading and structural transformation. It is worthwhile to sacrifice some growth speed for the important objective, says an article of the Southern Metropolis Daily. Excerpt:

Shanghai's mayor recently claimed Shanghai's 7.7 percent growth in the third quarter is good enough, and the city will focus on innovation and transformation. The municipal government has expressed similar intentions before.

Shanghai should take advantage of the opportunity to build the Shanghai Free Trade Zone and look to reforming the systematic drawbacks hindering innovation and structural transformation.

Shanghai should make good use of the freedom granted by the central government, instead of only relying on the central authority’s preferential policies.

The "negative list" issued by the Shanghai government is a good start. It lists the industries, investments and businesses that are not beneficial to Shanghai's future development. It is the first time the local government has unveiled such a list.

The government should not waste energy on pre-evaluations of new projects before they’re approved. They should supervise projects after they're set in motion.

Supervision of the financial sector is another field for Shanghai to explore. Capital account convertibility, interest rate marketization and foreign trade administration are all important breakthroughs for Shanghai in the future.