Pudong New Area in Shanghai celebrates its 30th anniversary since the start of its development and opening up. In 1990, the Chinese Government made a decision to transform a rural area of Pudong into a modern, world-class district by transforming it into a ‘new development zone’. The zone was a pioneer of China’s first opening-up policies and reforms. That has become the key factor for the rapid development and modernization of Pudong, and today, Pudong New Area is many different things to many different people: a major port, a venue for world-class sporting events, a financial hub, and a high-tech zone.

Unprecedented progress has been made on many fronts in the Pudong New Area, however, the first thing which comes to mind when one thinks of Pudong is its financial district Lujiazui. Lujiazui is home to China's first stock and futures exchanges, first foreign insurance firm and first foreign bank branch. The financial services industry has led the country’s reforms over the past 30 years and Pudong has become a leading center for financial cooperation and development. More than 41 percent of foreign banks, 40 percent of overseas insurers and over 90 percent of foreign private equity companies registered with China's regulators have set up offices in the district. Nine of the world's 10 largest asset management companies also have a presence in Pudong.

According to the Pudong government's development plan, six key industrial clusters, each valued at more than 100 billion yuan, should be built by 2025, covering chip manufacturing, innovative drugs, aviation, new energy vehicles, smart manufacturing and big data. Zhangjiang, an area of central Pudong focusing on biomedicine and major scientific equipment has a total of 24,000 companies registered, mainly specializing in integrated circuitry, biomedicine, and artificial intelligence.

Further support and incentives for Pudong New Area will establish the zone as the key factor in strategic and integrated development of the Yangtze River Delta region. Integrated development of the Yangtze River Delta region depends to a large extent on the coordinated support of both the financial sector and new technologies.

At PHC Advisory, our experts collaborating with colleagues throughout the entirety of DP group can support clients in FDI, relocations, as well as discussions and negotiations with industrial parks in order to obtain the best tax and financial incentives. Please, feel free to contact us at info@phcadvisory.com to know more about us and how we can assist you.