[Introduction] This year, we celebrate the 30th anniversary of the development and opening up of Pudong. Pudong has already been "reborn" in its early years-from the Pudong rice fields with the sound of frogs, to the towering sky-high "mansion forest", and then to the "Shanghai speed" of Tesla's Shanghai super factory. It is the symbol of China's reform and opening up and the epitome of Shanghai's modernization drive. Starting today, People's Online Hai and Pudong Archives have launched a series of manuscripts #30 Years·Pudong Story#. Let me experience the tremendous changes in Pudong over the past 30 years with the editor.
Lujiazui Financial and Trade Zone, Jinqiao Export Processing Zone, Waigaoqiao Free Trade Zone, and Zhangjiang High-tech Park, these four development zones are known as the "Four King Kongs" at the beginning of the development of Pudong. Among them, the top three development zones were two years earlier than Zhangjiang Development Zone and were unveiled to the world on September 11, 1990. However, in the face of such a large project in Pudong, each company received only 30 million in funding at that time. How should this be solved?
The establishment meeting of the three major development companies
To develop, where does the money come from?
In June 1990, based on the experience of visiting Singapore and other places, the Shanghai Municipal Government agreed to advance the development of the three development zones of Lujiazui, Jinqiao, and Waigaoqiao, and the three development zones were all operated by development companies. However, facing the huge capital needs of the Pudong construction project, the city has insufficient funds. The Shanghai International Trust and Investment Corporation can only use the Shanghai International Trust and Investment Corporation to invest 30 million yuan in start-up costs for each development zone. The actual development funds need to be raised by themselves.
In the initial stage of Pudong development, how to solve the big problem of "money" has become the focus of planning by all parties. After thinking about it, Shanghai came up with an unprecedented plan at the time: First, in accordance with the Pudong New Area's policy of allowing land leases to obtain funds from the transfer of land use rights, this was a reform of the state-owned land use system at that time. Historic breakthroughs; second, companies in the three major development zones of Lujiazui, Jinqiao, and Waigaoqiao are attracting investment through the implementation of a shareholding system; third, using the Pudong New Area's policy of opening a stock exchange to allow three companies to go public and raise funds as soon as possible.
On the basis of the approval of this plan, in late July 1990, Shanghai announced the leadership of Jinqiao, Waigaoqiao, and Lujiazui, and began company preparations. In September, the three major development companies were formally established and according to the plan, Three-pronged approach, multiple measures simultaneously to raise capital. These practices have broken through the development bottleneck of the development zone and provided valuable starting capital for the development and opening up of Pudong.
"Four King Kong" brochure
Feel at home, feel free
At that time, in order to be listed as soon as possible, the three major development companies were making preparations day and night, and while frequently receiving crowds of merchants, they were also looking for suitable office locations everywhere. At this time, the Youyou Hotel in Chuansha County in Tangqiao was completed. The 10-storey building was very conspicuous throughout Pudong, with convenient transportation and not too far from the Pudong Development Office. As a result, the three development companies each formed one floor and converted guest rooms into offices.
The word "Youyou" is taken from "Mencius·Wanzhangjuxia". The original text is "When you are with the villagers, you can't bear to go by any means." It has the meaning of being at home, being free, and reluctant to leave.
At the beginning, renting the Yuyou Hotel might really meet the expectations of being at home, free and unbearable to leave. Later, Chinese and foreign insightful people and business owners who are optimistic about Pudong have successively found a favorite investment place in each development zone, the three major development companies It has also grown rapidly, and continues to work hard for "King Kong" to become the "pillar" of Pudong development. And this multi-channel funding model has also been popularized in the development of Pudong, and the development of Zhangjiang High-tech Park and Huamu Century Park residential areas have also adopted this method.
By 2000, the three major companies had become large companies with assets of over 100 billion yuan, and Pudong had raised at least 500 billion yuan in development funds through land lease, stock market, foreign, domestic and financial institutions financing loans. At this time, Pudong has already shown the potential for development as a leader and is entering the new century with great ambition.
April 17, 2020
(Source: Pudong Archives)
