Shanghai has established an alliance to serve Chinese enterprises going global. The first group of 50 professional service providers has joined the coalition to explore solutions that help businesses get started in overseas markets.

Launched on July 3, the alliance brought together industry leaders such as the Shanghai branch of China Development Bank, BDO China Shu Lun Pan Certified Public Accounts LLP, and YTO Express. The coalition covers 11 professional areas, including finance, law, accounting, and logistics.

The initiative is led by the Shanghai Service Center for Enterprises Going Global under the guidance of the Shanghai Municipal Commission of Commerce.

Looking ahead, the alliance plans to tailor strategies for businesses at different stages of going global by utilizing its members' network.

Despite external challenges, China remains committed to opening-up, innovation, and development.

In 2024, Shanghai recorded 876 non-financial outbound investment projects involving $7.67 billion in Chinese investment, marking a year-on-year increase of 10.65 percent. The value generated by the newly signed foreign contract projects reached $12.08 billion, with a turnover totaling $8.72 billion, up 1.78 percent year-on-year.

Jiang Yiwen, director of the Shanghai Service Center, said that the alliance will bolster the enterprises' operational capacity for going global.

"We will launch online service platforms and offline service centers by the year end," Jiang said. "We will also invite more organizations to join the alliance as needed."

Wang Mengying, vice-president of Bank of China's Shanghai branch and alliance member, said that the bank will leverage its global network and comprehensive services to provide cross-border financial infrastructure and risk controls that break down information barriers.

Hu Min, deputy manager of China Export and Credit Insurance Corporation (Sinosure), said the company is set to offer internationally competitive financial solutions to help more enterprises secure overseas orders.

Tang Zhehui, a senior executive of Ernst and Young Hua Ming LLP, noted that the firm employs Chinese-speaking professionals in major economies to connect and serve Chinese enterprises going global, including tax specialists specializing in specific market based in its Lujiazui office.

Source: Shanghai Observer