Shanghai will deepen reforms in the free trade zone and accelerate construction of a technology and innovation center as it sets out the city’s government’s tasks for the second half of the year, Mayor Ying Yong said yesterday.

The free trade zone will be a trial zone for reforms that combine opening-up and innovation to become a test zone for risks within an open economy, and a pilot zone to enhance government capability, Ying said in a government report at a meeting of the Standing Committee of Shanghai Municipal People’s Congress.

The free trade zone is also a frontier for companies to expand overseas as part of China’s One Belt One Road initiative, which was put forward in 2013, as well as to revive eco-nomic ties and connectivity between China and countries across Asia, Europe, and Africa.

Reforms in the free trade zone should be aligned closer to Shanghai’s economic reforms, construction of an international financial center as well as a technology and innovation hub, Ying said.

In accelerating construction of the technology and innovation center, efforts will be focused on building up the Zhangjiang comprehensive national scientific center, according to Ying.

The government will also construct a platform for development and research, and encourage mass entrepreneurship.

Ying also reiterated that the government will continue to crack down on speculation in the housing market and build a real estate market that balances home purchase and rent.

The government will ensure that the housing market grows steadily, ensure home prices are stable, and work toward improving the structure of residential property.

Source:china-shftz.gov.cn