City gov­ern­ment rolls out new plan to boost trade and in­vest­ment

China Daily (Canada) - - SHANGHAI - By WANG YING in Shang­hai wang_y­ing@chi­

The Shang­hai mu­nic­i­pal gov­ern­ment has un­veiled an ac­tion plan to fa­cil­i­tate trade and in­vest­ment re­lated to the Belt and Road Ini­tia­tive, in­clud­ing a 15-step scheme aimed at form­ing a mul­ti­level co­op­er­a­tive net­work for such ac­tiv­i­ties, of­fi­cials said.

The ac­tion plan is part of a 60-item pack­age an­nounced by the mu­nic­i­pal gov­ern­ment on Oct 11 that cov­ers ar­eas such as fi­nan­cial ser­vices, con­struc­tion, cul­tural com­mu­ni­ca­tions and tal­ent train­ing.

Ac­cord­ing to the plan, the gov­ern­ment has cre­ated 10 mea­sures to open up the fi­nan­cial sec­tor and pro­mote the es­tab­lish­ment of a global fi­nan­cial ser­vices cen­ter. It is also fo­cused on ac­cel­er­at­ing the de­vel­op­ment of the sec­ond phase of the China In­ter­na­tional Pay­ment sys­tem so as to fa­cil­i­tate cross­bor­der pay­ment and clear­ance of Chi­nese yuan.

Ac­cord­ing to Wang Sizheng, an of­fi­cial from the mu­nic­i­pal de­vel­op­ment and re­form com­mis­sion, the ac­tion plan will pro­vide fur­ther sup­port for Shang­hai in the Belt and Road Ini­tia­tive dur­ing the 2017-2020 pe­riod, and is also a fol­low-up of the city’s pre­vi­ous ef­forts in the past three years. and ship­ping ser­vice sys­tem so that it can en­hance multi-modal trans­porta­tion be­tween China, Europe and other ar­eas.

With re­gard to tal­ent train­ing, the gov­ern­ment will work with coun­tries and re­gions re­lated to the ini­tia­tive to build around 20 joint labs or re­search cen­ters in the com­ing five years and sup­port out­stand­ing young sci­en­tists in their re­search in Shang­hai. Six think­tank projects will be es­tab­lished by lo­cal uni­ver­si­ties to of­fer sup­port and im­prove re­source in­te­gra­tion.

Soon af­ter China un­veiled the ac­tion plan of the Belt and Road Ini­tia­tive in March 2015, Shang­hai launched a plan fo­cus­ing on trade and in­vest­ment, fi­nan­cial co­op­er­a­tion, cul­ture ex­change and in­fra­struc­ture, said Tang Zhip­ing, di­rec­tor of the Shang­hai mu­nic­i­pal de­vel­op­ment and re­form com­mis­sion.

In the past three years, Shang­hai in­vested $5.49 bil­lion in 246 projects in coun­tries and re­gions re­lated to the Belt and Road Ini­tia­tive. Trade vol­ume be­tween Shang­hai and re­lated coun­tries and re­gions reached 500 bil­lion yuan ($75.6 bil­lion), ac­count­ing for more than 20 per­cent of the city’s to­tal.

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