The skyline of the Lujiazui Financial District, featuring high-rise buildings and skyscrapers in Pudong, Shanghai. [Photo/WeChat ID: pdnews]

Shanghai's Pudong New Area is celebrating its fifth year as a pioneer area for China's socialist modernization.

Over these years, Pudong has turned its ambitious plans into reality, completing most of the 121 tasks set by the central government. In 2024, Pudong's GDP reached 1.78 trillion yuan ($246 billion), marking a 34 percent increase since 2020, with a 6 percent year-on-year increase in the first three quarters of this year.

AI is one of the three leading industries in Pudong. [Photo/WeChat ID: pdnews]

One of Pudong's standout achievements is its breakthrough in the biopharmaceutical industry. Traditionally, developing a new drug takes about 10 years and costs over $1 billion. However, in Pudong, the cost has been reduced to just $200-$300 million, thanks to advancements in technology and artificial intelligence.

The Biomedical Innovation Exchange Center at Zhangjiang, Pharma Vally of China. [Photo/WeChat ID: pdnews]

Pudong's Zhangjiang Science City, known as China's Pharma Valley, has become a hub for innovation in drug development. AI technology has significantly sped up the process, cutting development time from 3-6 years to just 12-18 months. This has led to a higher success rate in early-stage clinical trials.

Pudong offers a favorable business environment. [Photo/WeChat ID: pdnews]

Pudong's success is not just about technology; it's also about creating a collaborative ecosystem. Companies in Zhangjiang work together, sharing strengths to reduce costs and improve quality. This environment allows even small startups to develop globally competitive drugs.

Institutional support has also been key. Pudong has introduced regulatory reforms that facilitate international trade in biomedical products. This has helped the district become a leader in the global biopharmaceutical market, with overseas transactions reaching $24 billion this year.

The Shanghai Eastern Hub International Business Cooperation Zone. [Photo/WeChat ID: pdnews]

Pudong is also setting an example for openness and reform in China. The district has launched the Shanghai Eastern Hub International Business Cooperation Zone, which combines customs and trade policies to boost international business.

Pudong is also a testing ground for new policies, such as allowing foreign-owned securities firms and public funds. These initiatives are part of Pudong's strategy to align with global standards and practices.

In the digital economy, the Shanghai Data Exchange is leading in cross-border data transactions, with over 5,500 data products and annual trades exceeding 5 billion yuan. This aligns with new regulations aimed at meeting international trade standards.

The financial district of Pudong New Area. [Photo/WeChat ID: pdnews]