Shanghai, China's leading industrial, financial and commercial center, has pledged to turn Lujiazui area into a well-equipped central business district (CBD) within some 10 years.
Under a unified plan, all buildings at Lujiazui in Pudong New Area will be linked by crossovers and business blocks, some of which will be specially designed in accordance with the particular requirements of businesses such as banks, multinationals and other types of entities.
By 2005, the floor space at Lujiazui financial and trade zone will cover 12 million square meters From 180-200 financial and insurance companies, including 100 foreign banks, 150-180 security and financial firms and 80-90 regional headquarters of transnational companies will be housed in this space.
Zhou Yupeng, vice-mayor of Shanghai, said Shanghai will maintain its policy of opening up itself to the outside world and will act according to the World Trade Organization rules.
Lujiazui will be a pilot region where businesses are expected to operate in accordance with international norms.
After 12 years of construction, 621 distinctive buildings have been erected on the 5.82-square-kilometer Lujiazui financial and trade zone.
Nearly 130 Chinese and foreign banks with a total staff of 25, 000 are set up at Lujiazui. Twenty-five foreign banks including the Citibank, the Hong Kong and Shanghai Banking Corporation, the Standard Chartered Bank are now permitted to run their Renminbi transactions.
(Xinhua News Agency April 24, 2002)
