Pudong rests hopes on amusement parkz

09:23, April 21, 2010      

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The upper photo, taken in May 1990, shows a panoramic view of the relatively prosperous Puxi district of Shanghai, with the then undeveloped Pudong area in the background. The lower photo, taken on April 5, 2010, shows the Lujiazui Finance and Trade Zone, located in the Pudong New Area. XINHUA

Governor reveals plans for future on 20th anniversary of new area

With Walt Disney's famed cartoon figure Mickey Mouse set to make his debut at the Pudong New Area in about six years, the financial center is well on its way to prove it's not all about business.

"In our eyes, Disneyland has taken on the responsibility for our district's economic transformation in the next five years," said Jiang Liang, governor of Pudong New Area, at a press conference to commemorate its 20th anniversary on April 14.

Pudong was conceived 20 years ago as the new financial district of Shanghai when development land in the old city center around the Bund began to run out.

Since then, the tip of Pudong in Lujiazui has been transformed from swampland into a home for banks, both domestic and foreign, the stock exchange and the futures exchange. The Shanghai headquarters of the central bank is also located in the neighborhood.

More than 130 multinational firms have chosen to set up their regional headquarters in the zone, accounting for more than half of the total in Shanghai. There is no shortage of luxury hotels in the vicinity and apartments in many high-rises facing the river are fetching the highest rents in the city.

A total of four bridges and 11 tunnels run across the Huangpu River, connecting the old city area with Pudong, which covers 1,210-sqare-km, with a population of 4.12 million.

"We are hoping to take the lead in Shanghai's aim to develop into a global financial and shipping center," Jiang said.

According to the government plan, such an effort will be balanced by the development of the service industry, including entertainment and tourism.

"The Disney park fits well in Shanghai's economic transformation and will further boost the tourism industry in the Yangtze River Delta region," said Yu Nanping, a researcher from the School of Advanced International and Area Studies of East China Normal University.

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