On April 18, 1990, China announced the establishment of Pudong New Area in Shanghai. Three decades later, it has become home to more than 1,000 financial institutions and the regional headquarters of over 300 multinationals. Pudong's GDP rose from 6.024 billion yuan in 1990 to 1.27 trillion yuan in 2019. That amounts to 1/80 of China's GDP, though Pudong's land area is just 1/8000 of the country's total. It has become a symbol of China's reform and opening-up as well as the epitome of Shanghai's modernization.