The Pudong New Area should pioneer in adopting international investment and trade rules to push ahead the financial opening of the Shanghai (Pilot) Free Trade Zone, said Wang Shouwen, assistant minister of commerce.

The experience and highlights of the Shanghai FTZ could be a reference for the three new FTZs in Guangdong province, Tianjin and Fujian province, Wang said during a visit to the Shanghai FTZ on May 7.

Shen Xiaoming, the chief of Pudong New Area’s Party committee, said that the district is facing challenges in increasing business and living costs and a shortage of land resources. It is urgent for Pudong to build an investment and business friendly environment to maintain its competitive edge.

Statistics show that in the first quarter of 2015, a total of 2,212 enterprises registered in the 28.78-square-kilometer FTZ, including 1,536 domestic and 676 overseas enterprises, with a total registered foreign capital of $10.4 billion.

As of the end of this March, the Shanghai FTZ has seen a total of 17,037 newly-registered enterprises, including 14,026 domestic ones with a combined registered capital of 499 billion yuan ($80 billion), and 3,011 foreign enterprises with $36.5 billion in registered capital.

The State Council approved the expansion of the FTZ last month by incorporating the Lujiazui financial district, Jinqiao export processing zone, Zhangjiang high-tech park and expo park development zone. The move enlarged the FTZ to 120.72 sq km and offered more space for reform trials.

After expansion, the FTZ will deepen reform and financial opening-up and promote offshore business and cross-border trade. It is part of efforts to test reform policies and better integrate the economy with international practices as China’s old export-reliant model is no longer sustainable.

The Lujiazui financial district will make use of its advantages in international talent, funds and information to support financial innovation and financial service sector. The Jinqiao zone will develop high-end manufacturing as a base auto and robot industries. The Zhangjiang high-tech park will focus on scientific technology innovation.