Modern Service

[Photo/IC]

Shanghai is carrying out a three-year action plan that includes 13 special campaigns in such fields as finance and shipping with the aim of establishing a "Shanghai Service" brand for the city.

The move is designed to improve the city's capabilities as a hub for the distribution of global resources, as well as its ability to serve national strategies. To achieve that goal, Shanghai will enhance its role as an economic center, improve its service economy, and satisfy investors' demand for high-quality services.

Shanghai Service is part of the city's strategy to accelerate the development of its modern economy and attain a high quality of life by building the "four brands of Shanghai", namely service, manufacturing, shopping, and culture.

According to the Shanghai Financial Services Office, the financial market of Shanghai is already famous across the world, with total transactions reaching 1,428 trillion yuan ($207 trillion). The next step is to continually further improve its financial services and introduce more new brands such as the New Development Bank that is headquartered in Shanghai.

About 70 percent of the GDP in Shanghai is contributed to by the service sector. Local leading brands in Shanghai are gradually shifting from traditional consumption goods to modern services.

Six of the city's top 10 homegrown brands fall in the service sector, with three other firms in high-end manufacturing, according to the Top 10 Shanghai Brands compiled by the Shanghai Brand Development Research Center.

People visit the China UnionPay stand during an exhibition in Shanghai. [Photo/IC]

China UnionPay Co Ltd, the country's largest bankcard payment processor, topped the list. The Shanghai-headquartered State-owned enterprise has issued more than 16 million cards abroad and plans to significantly increase its global footprint from the 141 countries and regions it currently serves.

The bankcard association was followed by China Eastern Airlines Co Ltd, a national carrier based in Shanghai whose fleet covers 187 countries and regions. Its overseas efforts have paid off as more than 47 percent of the airline's revenue now comes from international routes.