On October the 1st, 1949, the People’s Republic of China was founded, which signaled the start of a new historical era when the people, as the masters of the country, strive to construct the socialist new China.
During the early post-liberation stage, under the leadership of CPC Shanghai people adopted forceful measures to crack down financial speculation, unify financial and economic policies, and rectify social order, which helped quickly recover the economy. A batch of righteous men actively joined the Chinese People’s Volunteers and committed to the War to Resist U.S. Aggression and Aid Korea. In the socialist construction period, adhering to the principle of self-reliance and hard work, Shanghai people completed the preliminary work to make Shanghai into a comprehensive industrial base with a great diversity of trades and a proportionate ratio between light and heavy industries, and into a technological base with relatively complete technologies suitable to the request of economic development. A new national situation was formed that the whole country provided support to Shanghai while Shanghai served the whole country in return. In the new period of opening-up and reform, Shanghai people took the lead to forge ahead and made use of the new opportunity of Pudong development to readjust the industrial structure and accelerate infrastructure construction, thus enabling Shanghai to take on an entirely new look and gradually change into an internationally economic, financial, trade, and navigation center and an international metropolitan featuring socialist modernization. After the 18th National Congress of CPC, Shanghai people actively promote the construction of China (Shanghai) Pilot Free Trade Zone, strive to make Shanghai into a scientific and technological innovation center with global influence, and strive to make Shanghai the pioneer of the opening-up and reform policy and the forerunner of the innovation and development cause.