To establish Shanghai's Lin-gang Special Area as a global offshore trade hub, the Lin-gang Special Area Administration released a series of measures valid through Dec 31, 2028.

Designed for enterprises that have sound operations and good credit records, and conduct new types of offshore international trade in compliance with laws and regulations, the measures outline three key priorities:

I. Foster the clustering and development of the offshore trade industry

> Enterprises are encouraged to expand into new business areas, such as offshore resale and global procurement, while high-level professional service institutions like banks and law firms are encouraged to provide supporting services.

> Eligible enterprises can receive rewards based on their annual offshore trade foreign exchange receipts, with 100 yuan ($14.03) or 200 yuan per $10,000depending on the category of goods, capped at 10 million yuan annually per enterprise.

> In line with national policies, companies engaging in offshore resale transactions can enjoy exemptions from stamp duties on contracts related to these trades.

II. Improve capabilities of financial services for offshore trade

> High-quality enterprises are encouraged to establish offshore trade subsidiaries in the Lin-gang Special Area and handle offshore trade fund transfers through free trade accounts based on payment and receipt instructions. Pilot enterprises will be granted startup incentives.

> Banks are encouraged to improve internal management, implement client classification, optimize autonomous audits, and elevate services to provide cross-border fund settlement facilities for enterprises looking to conduct compliant offshore trade.

> Banks are encouraged to optimize processes for credit approval and risk management, on the premise of controllable risks, and to provide enterprises with more diversified and adaptable financial products and services.

III. Enhance offshore trade digitalization

> Related institutions are encouraged to strengthen data sharing and business collaboration, while enterprises are encouraged to use electronic documents via blockchain infrastructure, with an annual reward of 100,000 yuan.

> Enterprises are encouraged to utilize the legal entity identifier (LEI) code in their offshore trade activities, with all associated costs fully subsidized.