Shanghai has recently unveiled a slew of new measures to further support the Lin-gang Special Area in deepening high-level reform and opening-up, aiming to build it into a globally influential and competitive special economic functional zone.

The newly released document on supporting the Lin-gang Special Area in further deepening high-level reform and opening-up and stimulating high-quality development outlines 13 specific measures in four key areas.

The measures focus on enhancing the international competitiveness of the data industry by leveraging global high-end resources and fostering financial innovation. They also aim to gather high-quality scientific and technological resources, promote the transformation of research achievements into industrial applications, and strengthen financial support for innovation in order to build a full-chain scientific and technological innovation system.

Additionally, the measures seek to build world-class industrial clusters, accelerate the application of intelligent connected equipment and develop professional services to lay out key industries with global competitiveness.

A significant highlight is the establishment of a secure and efficient cross-border data flow mechanism, aligning with international standards such as the Digital Economy Partnership Agreement (DEPA).

The Lin-gang Special Area will pioneer innovative data services, expand foreign investment in value-added telecom services, and develop an international data economy industrial park, according to the document.

Furthermore, the measures encourage the growth of cross-border finance, offshore finance, and financial leasing, while supporting the construction of an international financial asset trading platform to facilitate investment.