Shanghai's Yangpu district launched its reform plan (version 8.0) on Feb 10 to optimize its business environment, offering a range of services designed to enhance the overall experiences and tangible benefits of local enterprises.

The new reform plan, which is more comprehensive, precise, and inclusive than previous versions, outlines five key tasks: refining service systems for enterprises, optimizing enterprise-related inspections, enhancing supporting services, improving grassroots business services, and creating a more favorable business atmosphere.

Aiming for a more welcoming environment for foreign investors, Yangpu will enhance its signature "WARM" service, which stands for "Wide range of policy interpretation", "Answer to request", "Round tables", and "Mechanism of coordination".

Additionally, foreign-related legal services will be strengthened, with law firms encouraged to open overseas branches to support enterprises' global expansion.

Government services will become more convenient relying on digital solutions such as AI-based online consultation services. Professional staff will also be available online to ensure that high-frequency corporate affairs are directly routed to the approval department for processing.

Pro-business policies will be precisely delivered to target enterprises, while application procedures will be streamlined to ensure that eligible enterprises can easily access and benefit from them.

To ease the burden for enterprises, inspections will be based on their credit classification. Moreover, cross-department law enforcement will be strengthened to improve efficiency.

In terms of financial support, micro, small, and medium-sized enterprises will be eligible for seamless loan renewals and loan renewals without principal repayment. Companies involved in lawsuits can clarify their situation to mitigate the risks of loan suspension and withdrawal.

A one-stop financial service platform will be established, focusing on digital economy FOF (fund of funds), and collaborating with surety companies, microfinance firms, banks, and other institutions to offer diversified financing products.

For talent support, Yangpu will increase the supply of affordable rental housing, introduce integrated "education-science & technology-talent" policies, and establish a classified talent recognition mechanism. The construction of the East Shanghai Talent Port and Global Internet High-Quality Content Creation Center will be fast-tracked.

Regarding data empowerment, Yangpu will promote the development of data products in areas such as healthcare, meteorology, and social services, and explore cross-border data flow through the Yangpu Digital Economy Data Innovation Laboratory.

Additionally, the district will foster a strong team of chief data officers in local enterprises and organize digital transformation application and innovation competitions to accelerate data empowerment in key industrial chains.

Source: Yangpu district of Shanghai