At Shanghai’s two sessions in 2021, the “five types of economy” was frequently mentioned by delegates and committee members during their deliberations, which means that the “five types of economy” cover a wide range of areas and have a far-reaching influence. Systematically making deployments and plans by taking innovation-driven economy, service economy, open economy, headquarters economy and flux economy as a whole will bring about more innovative ideas and pool wisdom. In fact, each of the “five types of economy” is a major growth pole of Shanghai, and manifests the distinctive features of the city’s future development. For example, the headquarters economy, which is a result of globalization, is a common feature of world-class metropolises. Since the reform and opening-up of China, Shanghai has become the first choice for foreign investors, a gathering place for leading enterprises and a magnet for enterprises and talents specialized in innovation, R&D and finance, extending its influence across China and even the Asia-Pacific region. Up to now, Shanghai has been home to 771 regional headquarters of multinational companies and 481 foreign R&D centers. During the 14th Five-Year Plan period, it will further implement the campaign of improving headquarters economy to continuously increase the energy level. Another example is the flux economy that depends on platforms, and creates added value through the efficient flow of production factors and resources. Since last year, Shanghai has stepped up efforts to develop online new economy, sorted out new forms of economy, and promulgated 23 supporting policies to accelerate the development of promising new economy enterprises. At Shanghai’s two sessions this year, the “five types of economy” as a whole appeared in Shanghai’s government work report for the first time, sending a clear message that Shanghai no longer rests content with its remarkable achievements in each new business form, but instead aspires to invest integrated efforts. Last year, Shanghai’s GDP reached RMB 3.87 trillion, which is only a step away from the RMB 4 trillion mark. To jump to a higher level standing on a higher starting point, Shanghai needs to achieve a “qualitative leap” through continuous promotion of “quantitative accumulation.” The leading city in the Yangtze River Delta has followed the trend of the era and taken the initiative to integrate into and serve the new development pattern. Making integrated efforts is going with the flow. In the past, each economic form had its own clear boundary and the impetus to move forward independently. Now, the boundaries of various business forms are becoming increasingly vague, leading to a trend of mutual support and integration. For each industry, integrated development means breaking existing boundaries, developing new business forms, identifying its position and direction in a bigger picture, giving full play to the strengths of each business form, creating a joint force, and focusing on developing new strategic advantages. Making integrated efforts is also a challenge to both industries and the government. Government departments are required to break conventional rules and stereotyped thinking, enhance overall planning and coordination capabilities, and make long-term development plans from a systematic perspective. In the future, government departments may need to deepen reforms and further remove obstacles. Under the circumstance of integrated development, it’s necessary to customize a batch of targeted supporting policies to accelerate the integrated development of the “five types of economy.” The integrated development of the “five types of economy,” which is an economic form unique to Shanghai as a megacity, is a systematic campaign and a must to promote high-quality development. If Shanghai can make the “five types of economy” produce a “multiplier effect” instead of an “additive effect,” it will surely push ahead with high-quality development more effectively. In fact, Shanghai’s 14th Five-Year Plan and Shanghai Master Plan 2016-2035 represent an integrated system on a larger scale, systematically drawing a grand blueprint for future development, and identifying the strategic tasks and priorities for Shanghai to constantly create new miracles and show new images. Standing on a new starting point and embarking on a new journey, Shanghai is now in a critical period of promoting major structural adjustment, improving functions, and achieving leapfrog development. All the moves including strengthening the “four major functions,” playing the “five trump cards,” or optimizing the “five types of economy” and building “five new urban areas” will help Shanghai better integrate and serve the new development pattern. (Source: WHB.CN)