Shanghai government issued “several opinions on promoting the high-quality development of service industry in Shanghai” (hereinafter referred to as "the opinions"). It is proposed that by Year 2025, Shanghai will cultivate a number of flagship enterprises that serve the world and play a leading role in the world, form a number of service brands with high reputation and independent intellectual property rights, and establish a modern service industry system that meets the requirements of global urban positioning function.
Among them, financial service is a key area. The Opinions put forward that Shanghai should make greater efforts to promote financial opening to the outside world, accelerate the implementation of the national policy of financial opening to the outside world, and expand the business scope of foreign financial institutions. The government is to take advantage of the policy in Lin’gang new area and establish a new system of integrated local and foreign currency accounts. The government will implement a more convenient cross-border fund management system and support enterprises in the Lin’gang new area to carry out cross-border financial activities in accordance with international prevailing rules and regulations. The government is to explore and carry out the RMB capital account convertibility trial, and gradually improve the convertibility of various capital account items, so as to promote the cross-border use of RMB.
It will further promote the opening up of the service industry at a high level and promote the opening up and development of key areas such as financial services, telecommunications services, travel services and professional services. The government will have state-owned assets and state-owned enterprises reformed and promote the distribution of state-owned capital in important service industries and key service areas, and provide conditions for the entry of all kinds of social capital in general competitive industries and areas.
Shanghai will also strengthen the demonstration and guidance of key service industry clusters. Among them, Lin’gang New Area focuses on the development of new international trade, cross-border finance, high-energy shipping services, information services, etc., and the overall development of onshore business and offshore business.
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