The Shanghai Municipal Government recently issued a plan to boost the reform and opening up of service trade.

According to the Shanghai Municipal Commission of Commerce, the plan, which came into effect on Nov 6, consists of eight areas, 22 tasks and 80 initiatives.

It calls for the implementation of a number of opening-up measures related to finance, insurance, aviation, exhibitions and other fields, as well as the promotion of international qualification certification for foreigners, the declaration of professional titles, professional qualification examinations and other measures related to cross-border practices that affect natural persons.

In addition, the plan proposes measures to develop key industries such as technology trade, financial services, transport services, and culture and tourism.

The plan points out that the Lin-gang Special Area, as a special economic functional area, should make full use of its strengths. The area should take the lead in piloting the cross-border flow of capital, talent and data, and speed up the establishment of an innovation hub for service trade.

It also proposes establishing an integrated local and foreign currency account system, stepping up promotion of pilot of foreign exchange receipts and payments facilitation in frequent trade, building the World Laureates Association Science Community, and implementing pilot measures for the safety and orderly cross-border flow of data related to fields such as the automotive industry, medical research, and finance, among others.

In addition, the plan focuses on the integrated development of the Yangtze River Delta region. It proposes establishing a service trade alliance between Shanghai, Jiangsu, Zhejiang and Anhui provinces, incubating the Yangtze River Delta Science and Technology Innovation Circle, and exploring mechanisms related to the flow of data and talent in the Yangtze River Delta region. It also proposes measures to promote digital transformation and vigorously develop digital trade.