During his recent inspection tour in Shanghai, Chinese President Xi Jinping, who is also the general secretary of the Communist Party of China Central Committee, focused on three critical national priorities: advancing high-quality financial development, fostering scientific and technological innovation, and improving the livelihood of the people. This tour, as business leaders, workers, and analysts in Shanghai observed, sends a clear message about the country’s strategic directions.
From Tuesday to Wednesday, President Xi’s itinerary included visits to the Shanghai Futures Exchange, a showcase of Shanghai’s advancements in science and technology, and a community benefiting from government-subsidized rental housing. These stops underscored his commitment to enhancing Shanghai’s role as a global financial hub, promoting it as a center for scientific and technological innovation, and supporting public welfare projects like affordable housing.
A major highlight of his visit was the emphasis on the Yangtze River Delta’s integrated development, aiming to set a precedent for China’s modernization efforts. This visit is particularly significant as it comes at a time when China is navigating major shifts in the international geo-economic landscape, aiming for high-quality development and modernization.
The financial community in Shanghai, as noted by Li Huiyong of Hwabao WP Fund Management Co., is buzzing with excitement over President Xi’s visit. This enthusiasm stems from the direction it provides for Shanghai’s continued growth as a global financial center. The visit follows the Central Financial Work Conference in October, which focused on enhancing financial supervision and supporting high-quality financial development, solidifying Shanghai’s role as a financial hub.
Shanghai’s burgeoning status as a world-class financial center is evident, ranking sixth in the 2022 Global Financial Centers Index. The city’s financial markets have shown robust growth, with a 15% increase in turnover in the first three quarters of 2023.
In addition to finance, President Xi’s visit highlighted Shanghai’s role as a leading science and technology hub. This was particularly evident at the Zhangjiang Science City in Pudong New Area, the epicenter of Shanghai’s scientific and technological innovation. Zhangjiang has become a beacon for innovation, attracting talent and companies in high-tech sectors like biopharma, AI, and advanced manufacturing.
Analysts underscore the national significance of Shanghai’s advancements in these areas, especially as China strives for self-reliance and strengthening in science and technology amidst global competition.
Another key focus of President Xi’s visit was the improvement of living conditions for the public. His inspection of a government-subsidized rental housing community in Shanghai highlighted the government’s efforts in providing affordable housing. This initiative is a significant part of China’s broader strategy to ease housing challenges for new urban residents and young people. With millions of units already constructed, these efforts are set to benefit millions of individuals, demonstrating the government’s commitment to enhancing the quality of life for its citizens.
