Shanghai Mayor Ying Yong met Giovanni Caforio, chairman of Bristol-Myers Squibb, and his delegation on Tuesday.

Ying said opening-up and reforms are China’s basic state policy and openness is Shanghai’s characteristic and its biggest strength. Bristol-Myers Squibb was among the first foreign companies to set up Sino-American joint ventures in the city and they have participated in and witnessed its social and economic development.

The city has adopted a new set of master plans and it’s striving to build itself into an international economic, financial, trade, and shipping center as well as a technology and innovation center. Biomedicine industry is the city’s strategic emerging industry and a rather complete industry chain has been formed.