Shanghai is entering a new phase of its development and willing to once again assume a leading role in the country's reforms, said Xi Jinping, the newly appointed Communist Party secretary of China's largest city, one week after taking office.

The 54-year old Xi, who was appointed secretary of the Shanghai Municipal Committee of the Communist Party of China (CPC) on March 24, made the remarks when inspecting Shanghai's Pudong new area, one of the showcases of China's modernizing reforms.

Accompanied by vice mayors and other municipal officials, Xi visited the Pudong exhibition hall, the General Electric (China) research and development center, the China Unipay Shanghai information center and the Waigaoqiao bonded zone.

Xi pointed out that Shanghai has the obligation to take a leading role in the country's reforms and development.

The development of Pudong is a requirement of the CPC central committee and the State Council and part of the nation's development strategy, said Xi, adding that the municipality will speed up its development as an international economic, finance, trade and shipping center.

He said that Shanghai would continue to innovate in the financial sector by developing market systems, reinforcing financial supervision, safeguarding financial security and nurturing staff.

(Xinhua News Agency April 3, 2007)