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Shanghai Announces 100 New Opening-Up and Economic Upgrade Initiatives

In order to play its part in the country’s moves to further open-up the economy, while upgrading the overall business environment, the Shanghai Municipal Government has announced 100 new initiatives, all designed to advance the national agenda:

Financial Services

In total, 32 of these initiatives are intended to boost Shanghai’s standing as an international financial centre. To that end, foreign investors will be allowed to own shares in the city’s banks and financial asset management institutions while, at the same time, foreign banks can establish branches or subsidiaries within the municipality. Over the next three years, moves will also be made to allow foreign financiers to invest in local life insurance companies and to play an active role in the city’s securities market.

Modern Services and Advanced Manufacturing

Overall, 17 of these initiatives apply specifically to the modern services and/or advanced manufacturing sectors. These include plans to attract more foreign-invested new-energy vehicle projects to Shanghai, while rescinding the foreign shareholding restrictions that currently apply to the automotive industry as well to the number of joint venture automotive plants each investor is permitted to participate in. Enhanced access to overseas funding has also been green-lit for investment companies, training institutions, value-added telecoms service operators, engineering design companies, providers of legal services, human resources consultancies and international transportation services.

Intellectual Property Rights Protection

Among the15 applicable initiatives here, the key element is a commitment to establishing a robust and effective intellectual property rights protection system. This will include honouring the Madrid international trademark registration system and launching a dedicated China (Shanghai) Free Trade Zone Copyright Services Centre.

Import Promotion

With 26 initiatives dedicated to delivering this particular objective, the priority is to establish a new and influential international import promotion platform. In conjunction with the China International Import Expo, this will seek to promote a more innovative approach on the part of the Customs authorities, while also making the bonded exhibition of cross-border e-commerce goods a standard practice.

For further details (in Chinese), please visit the following link:

Shanghai Municipal Government’s Press Briefing on ‘100 New Measures’ (11 July 2018)

Content provided by Picture: HKTDC Research
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