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531 91 A Press Conference on Policies to Open Up and Develop Pudong September 10, 1990 Time (U.S.A.): Will the development of the Pudong New Area be similar to that of China’s other economic and technical development zones? The prospects for Pudong’s development are encouraging, but so far there aren’t enough preferential terms to attract foreign investment, and the infrastructure is still very poor. Also, Shanghai’s bureaucratism is as hard as the stones on the Great Wall. How will you change this situation? And how will you make the Pudong New Area more attractive for foreign investment? ZRJ: This April, Premier Li Peng of the State Council made the announcement in Shanghai of Pudong’s development and opening up. This is a major strategic decision of the Party Central Committee and the State Council, and this decision is an important development in China’s continuing reforms. When I was visiting Hong Kong and Singapore this year, I said that we were drawing up specific laws and regulations based on this decision of the central government . After almost four months of hard work, these laws and regulations were completed in August. The Party Central Committee and the State Council pay a great deal of attention to Shanghai’s development of Pudong. General Secretary Jiang Zemin and Premier Li Peng have both personally inquired about this work. Today, leading members from the departments concerned of the State Council have come here to announce three regulations.1 These will add 1. The three regulations were the following three regulatory documents on the development and opening up of Pudong released by the State Council departments concerned on September 10, 1990: “Administration of Foreign-Invested Financial Institutions and Sino-Foreign Joint Equity Financial Institutions in Shanghai,” issued by the head office of the People’s Bank of China; “Regulations on Enterprise Income Tax Reductions and Waivers to Encourage Foreign Investment and Unified Industrial and Commercial Tax in the Pudong New Area of Shanghai,” issued by the Ministry of Finance; and “Rules for the Implementation of Shanghai Customs of the People’s Republic of China Concerning Goods, Means of Transport and Personal Effects Entering or Leaving the Waigaoqiao Bonded Zone of Shanghai,” issued by the General Administration of Customs. Zhu_Shanghai Years_1987-1991_hc_9780815731399_i-xii_1-620.indd 531 12/26/17 12:01 PM 532 A Press Conference on Policies to Open Up and Develop Pudong the authoritativeness and gravity of legislation and will certainly increase the confidence of foreign investors. I should let you all know that in such a short period, we drew up nine regulations,2 translated them into English and Japanese, and are holding this formal press conference—this isn’t bureaucratism, it is high efficiency. We believe that with the support of the Party Central Committee and the State Council, these regulations will be very helpful in promoting Pudong’s development and in attracting foreign investors. The prospects for Pudong’s dev­ elopment are very bright. Of course we will continue to examine and refine these regulations. However, I feel that a good investment environment doesn’t consist exclusively of some preferential policies like tax reductions or waivers. Rather, it is an all-round investment environment. As I have frequently said, Shanghai has a complete array of industries, it is strong in science and technology, and its management standards are quite high. These are Shanghai’s all-round strengths. Of course improving infrastructure is a major task of ours, and we are at present engaged in large-scale building in this area. But I don’t think Shanghai’s existing infrastructure is all that poor. We already have the three economic and technical development zones of Minhang, Hongqiao, and ­ Caohejing, where there are many successful foreign enterprises and still more of them can be accommodated. Infrastructure is also in place in certain parts of Pudong, and conditions exist now for starting project construction. I might also mention that the preferential policies in the three existing economic and technical development zones are exactly the same as those in Pudong. Of course the bonded free trade area is in Pudong. This is a fairly important policy, but the three existing economic and technical development zones also have bonded warehouses. Foreign banks may establish branches in Shanghai, but these don’t necessarily have to be in Pudong—they may also be set up in Puxi. That’s why we not only welcome everyone to invest in Pudong, but we also...


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