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Shanghai, China's leading industrial, financial and commercial center, has pledged to turn Lujiazui area into a well-equipped central business district (CBD)within some 10 years.

Under a unified plan, all buildings at Lujiazui in Pudong New District will be linked by crossovers and building blocks for banks, multinational and other sectors will be constructed.

By 2005, the floorspace at Lujiazui financial and trade zone will cover 12 million sq. m. From 180-200 financial and insurance companies, 100 foreign banks, 150-180 security and finance firms and 80-90 regional headquarters of transnational companies will be housed in this space.

Zhou Yupeng, vice-mayor of Shanghai, said Shanghai will continue with its policy of opening itself to the outside world and will act according to the World Trade Organization rules.

Lujiazui will be a pilot region where businesses practise in accordance with the new rules.

After 12 years of construction, 621 distinctive buildings have been erected on the 5.82-sq-km Lujiazui financial and trade zone.

Nearly 130 Chinese and foreign banks with a combined staff of 25,000 are set up at Lujiazui. Twenty-five foreign banks including the Citibank, the Hong Kong and Shanghai Banking Corporation, the Standard Chartered Bank are now permitted to make Renminbi transactions.