A promotions event for the development of offshore trading in the Lin-gang Special Area was held on June 8 in the area – which is located in East China's Shanghai city.

The Offshore Trade Innovation and Development Practice Area was officially inaugurated at the event – as was the new Offshore Trade Monitoring Center, the Offshore Trade Service Center and the Offshore Trade Innovation and Development Research Base.

The Lin-gang offshore trade and international financial service platform was launched at the same time, reportedly marking a new stage in the development of offshore trading in the special area.

A slew of offshore trade platforms for the Lin-gang Special Area are unveiled on June 8. [Photo/WeChat account: shlgguanweihui]

In the wake of the launch of the platform, banks in Lin-gang will provide cross-border financial services to enterprises, just like international banks.

Offshore trade is important for a free trade zone and the maturity of its offshore business is said to represent the ability of a region to participate in competitive international markets.

The Lin-gang Special Area Administration has drafted the 14th Five-Year Plan (2021-25) for the development of its financial sector and the new five-year plan for the development of new international trade.

Moving forwards, the Lin-gang Special Area Administration will introduce special policies to spur the development of offshore trade in terms of on capital flows, trade facilitation, fiscal and tax support, legal applications and risk prevention.

Five offshore trading enterprises sign contracts with the Lin-gang Special Area Administration on June 8. [Photo/WeChat account: shlgguanweihui]