On Dec 29, a strategic cooperation agreement was signed between the Lin-gang Special Area Administration, Lingang Group, and Bank of Shanghai.

The tripartite agreement aims to deepen collaboration, strengthen industry-finance synergy, and jointly promote high-quality financial empowerment for the real economy in Lin-gang.

Dishui Lake Financial Bay in Lin-gang Special Area, Shanghai. [Photo/lingang.gov.cn]

According to the agreement, each party will give play to its strengths to foster strategic coordination among the government, enterprises, and banks.

The cooperation will focus on three core areas. First, it will enhance sci-tech innovation finance to support the development of Lin-gang sci-tech innovation city. This will involve developing tailored financial innovation products to reduce costs for startups and improve talent services.

Second, it will advance cross-border finance to promote high-level financial openness by integrating domestic and foreign institutional resources and supporting Chinese enterprises in going global.

Third, it will establish a comprehensive financial service system throughout the industrial lifecycle, with a multi-tiered financial service mechanism to support major projects and foster Lin-gang's transformation into a modern industrial city.