Shanghai pushes to serve B&R construction

Chinese metropolitan Shanghai released an action plan to serve the country's Belt and Road Initiative construction on Oct 11.

Six special actions comprising of 60 measures are proposed, involving trade and investment facilitation, opening up and cooperation in finance sector, improvement of the city's connectivity, scientific and technological innovation and cooperation, cultural cooperation and exchange, and establishment of think tanks.

Fifteen measures regarding the trade and investment facilitation have been mentioned. The core measure is to use the advantages of China (Shanghai) Pilot Free Trade Zone to strengthen connection with countries along the Belt and Road Initiative (BRI) route.

Five platforms are intended to be built, including China International Import Expo, three BRI-themed platforms respectively for bonded imported goods exhibition, economic trade and investment promotion service, and technological trade company service.

The action regarding the financial opening up and cooperation aims to turn Shanghai into an investment and financing center for Belt and Road Initiative as well as a global renminbi financial service center.

Cooperation between Shanghai's financial market and bourses and registration and settlement institutions of countries and regions along BRI route is encouraged.

Li Jun, deputy director of Shanghai Financial Service office, also introduced a series of measures launched to achieve the city's goal, while beefing up traditional financial institutions' support to BRI, encouraging overseas institutions and companies to issue yuan-denominated bonds and asset-backed securitization products, attracting central banks, funds firms, and investors from countries and regions along the BRI route to invest in domestic yuan-denominated assets.

The connectivity enhancement action will focus on improving the connection of Shanghai's railway network to Central Europe's and Central Asia's, and building a port and shipping cooperation mechanism along the maritime Silk Road.

The scientific innovation action will facilitate the construction of four platforms including a technology transfer center, a joint lab, a sci-tech industrial park, and a sharing platform of large scientific facilities.

The city has set up a goal of building around 20 joint labs or joint research centers with institutes from countries and regions along the BRI route within next five years.

Currently, Shanghai serving B&R construction has made many achievements, according to local officials. By the end of August this year, the city had five foreign banks and 13 foreign-funded bank branches from 15 countries and regions along the BRI route, assets totaling approximately 212.2 billion yuan ($32.2 billion).

Direct flights linking Shanghai and 24 countries and regions along the BRI route are also available.