Improved guidelines for Shanghai's international business district

Introducing more foreign investment while facilitating domestic companies' outbound reaches are of equal importance to the development of Shanghai's Hongqiao International Central Business District, according to the set of new guidelines released by the municipal government on Friday.

Made up of 33 detailed measures, the guidelines have been introduced to improve the district's capacity as an international trade center.

On one hand, the district, where the China International Import Expo is held yearly, should extend the exhibition's influence more efficiently. Specifically, a special food registration and filing system should be established. A coordination mechanism for the certification and guidance services to obtain the China Compulsory Certificate should be built. Efforts should be made to attract more leading live-streaming platforms and multi-channel network agencies, according to the guidelines.

New types of international trade should seek substantial development in the district. A digital technology application center serving the Silk Road E-commerce should be established in the district. International medical care and tourism with medical purposes should develop at a faster pace, according to the guidelines.

More cooperation should be conducted concerning electronic bills and lading as well as digital payment. The pilot program of e-CNY should be advanced in an orderly manner, expanding its use for trade settlement, chained stores and supermarkets, tourist attractions and restaurants.

Shanghai Technology Exchange will be supported in order to build a cross-border technology trading services mechanism. The establishment of a cross-border data service center is also encouraged.

High-level trade entities and trade platforms should be gathered in the district rapidly. The construction of the online platform providing consultation for companies targeting the Regional Comprehensive Economic Partnership markets should also be accelerated.

One-stop services combining cross-border supply chain planning, intelligent origin determination, tariff planning and cross-border compliance should be further optimized. The district should better use the various government guidance funds, and support the growth of innovative enterprises through equity investment.

The district is also supported to better connect to the China (Shanghai) Pilot Free Trade Zone for innovation purposes, according to the guidelines.

The professional service industry should seek substantial growth in the district. The establishment of an intellectual property service base is supported to provide full-chain services such as IP transactions, operation management and rights protection. Domestic and international institutions providing ESG-related professional services will be welcomed in the district.

As talents are of much importance to the development of the district, more convenient visa and residence policies will be established for foreign talents, according to the new guidelines.

Covering a total area of 151.4 square kilometers, Hongqiao International Central Business District, which is located in western Shanghai, saw its total tax income spike to 52.8 percent year-on-year to top over 47.3 billion yuan ($6.7 billion) in 2023, according to the data released by the district's administrative committee in early October.

The value of foreign-invested contracts amounted to $33.05 trillion by the end of last year, up 43.3 percent on a yearly basis. A total of 10,490 new companies were registered in the district in 2023, among which 232 were foreign-invested.