Shanghai's Lin-gang Special Area held a conference on institutional innovation and business environment optimization on Jan 7, unveiling 20 initiatives to support Shanghai's development of a world-class business environment.

A panoramic view of Dishui Lake in Lin-gang Special Area. [Photo/lingang.gov.cn]

Over the past year, the area recorded more than 220 billion yuan ($31.46 billion) in total contracted investment, with completed investment exceeding 120 billion yuan.

In terms of institutional innovation, Lin-gang will prioritize strengthening its international reinsurance hub, establishing an offshore finance and economic zone, and promoting innovation in financial leasing.

The Shanghai International Reinsurance Exchange in the Lin-gang Special Area. [Photo/lingang.gov.cn]

The area will further strengthen cross-border data management, enhance the offshore capabilities of its international data center, and advance the development of green remanufacturing.

Other initiatives include accelerating new bonded business models, upgrading bonded fuel bunkering and comprehensive maritime services, and expanding digital applications in shipping and trading.

To optimize the business environment, Lin-gang will create a more efficient government service system and build a comprehensive support framework for enterprises venturing overseas. The area will promote fair market competition, develop industry ecosystems tailored to specific sectors, and enhance the brand value of its office and industrial parks.

Key projects, including the Lin-gang sci-tech innovation city and the digital bonded zone, will be developed, while collaboration between government and enterprises will be promoted.

To drive financial opening-up and innovation, Lin-gang will intensify efforts to explore emerging sectors. It will also enhance cross-border investment and financing facilitation, supporting enterprises in their global expansion.

Dishui Lake Financial Bay in Lin-gang Special Area, Shanghai. [Photo/WeChat ID: shlgguanweihui]

In addition, Lin-gang will push for greater openness in offshore finance, with a focus on expanding five key areas: offshore trade, non-resident mergers and acquisitions, treasury centers, offshore leasing, and reinsurance.

Moving forward, Lin-gang will allocate more funding and resources to education, healthcare, and other areas critical to young talent. The area will also further improve urban amenities and comprehensively upgrade its talent card services, laying a strong foundation of talent to support high-quality development.