Shanghai provides Lin-gang with stronger resource support

The Lin-gang Special Area Administration, in collaboration with the Shanghai Municipal Commission of Commerce, unveiled a plan aimed at providing Lin-gang with stronger resource support.

The plan includes 18 policies focusing on three key aspects: establishing Shanghai's international digital trade hub in Lin-gang, deepening innovation in service trade, and creating a comprehensive service trade promotion system.

Specific objectives include developing Dishui Lake Financial Bay into a service trade demonstration base; expanding the Yangshan Free Trade Zone; and cultivating "Information Flying Fish" global digital economy innovation island – a professional park focusing on the information industry.

By 2025, Lin-gang Special Area aims to significantly grow its service trade, with a five-year cumulative total reaching 200 billion yuan ($27.49 billion), including a 10 percent annual average growth in cross-border digital trade.

The plan also seeks to enhance the influence of the Shanghai international digital trade hub and increase the proportion of service trade in the city's total trade volume.

To achieve these goals, Dishui Lake Financial Bay will create an international reinsurance board, and attract various insurance institutions. It will also emphasize offshore cross-border finance, new international trade, and high-end shipping services to establish itself as a service trade demonstration base.

Additionally, Lin-gang plans to strengthen international shipping services, enhance key spatial carriers, and create a global shipping and innovative hub for new international trade formats in the Yangshan Free Trade Zone. It will deepen the integration of the zone and Yangshan Port, expand bonded functions, and develop innovative formats. This includes bonded maintenance and inspection, bonded research and development design, bonded display and trade, and bonded leasing trade.

Besides creating the international digital trade hub and the “Information Flying Fish” global digital economy innovation island, Lin-gang will also establish an international data industry park to support the innovative development of data elements.