Lujiazui, the financial center in Shanghai, forms a perfect backdrop to the Bund area. [File photo]
Seventeen years ago, Shanghai was at a critical juncture in adjusting its industrial structure. At that time, the city had just proposed the formation of an industrial structure focusing on the service economy. Some grassroots cadres and entrepreneurs were still relatively unfamiliar with this concept.
Does "focusing on the service economy" mean that Shanghai no longer needs to develop its manufacturing industry? Can the model of some megacities in developed countries be replicated to the development of Shanghai?
After thorough research, observation and analysis, Xi Jinping, then secretary of the Communist Party of China Shanghai Committee, noted that Shanghai should not neglect its manufacturing industry, as doing so would miss a significant opportunity and would not be conducive to establishing mechanisms for mitigating urban economic risks.
He proposed that Shanghai should promote integrated and joint development of the tertiary, secondary and primary industries, and advance structural adjustments while accelerating the development of the service industry.
Looking back at the arduous journey of Shanghai's industrial restructuring over the years, Xi's insights have profoundly influenced Shanghai's reform, and proved to be forward-looking. It was a true critical theoretical breakthrough, setting a development path for Chinese metropolises that differs from that of European and American ones, said Wang Zhan, a coworker of Xi during his tenure in Shanghai.
