Shanghai's Jing'an district will implement a comprehensive set of reform measures to boost trade, investment, and innovation under its newly released implementation plan for a collaborative innovation zone linked to the China (Shanghai) Pilot Free Trade Zone, according to the plan released on March 11.

The initiative aims to amplify the spillover effects of the Pilot Free Trade Zone, advance institutional innovation with replicable outcomes, and strengthen the development momentum of Shanghai's central urban area amid the city's drive toward higher-level opening-up.

To stimulate consumption by international travelers, Jing'an district will develop the "5-minute departure tax refund convenience circle" centered on the historic and cultural landmark Zhang Yuan and extending to West Nanjing Road and nearby shopping districts.

It will upgrade the "Easy Refund" service by establishing additional centralized refund service points, along with designated spots within Jing'an that are eligible to process tax refunds for purchases made across Shanghai.

The district will also pilot the innovative bonded-consumption model, exploring centralized customs declaration procedures for high-value items such as artworks, luxury goods, and jewelry sold under bonded display, as well as periodic declaration and tax settlement arrangements for eligible goods not subject to inspection or licensing, enabling a streamlined "buy and pick up immediately" experience.

Jing'an will promote the innovative development of new types of trade by facilitating the inclusion of more enterprises in the district into the offshore economic and trade business list, and developing "bonded plus" new business formats, including bonded R&D and design.

In the financial sector, Jing'an aims to improve investment convenience by simplifying procedures for foreign-invested enterprises reinvesting within China. The district will support the expansion of the Cross-border Interbank Payment System (CIPS) and facilitate cross-border renminbi settlement through the free trade account system.

Jing'an also intends to relax foreign investment access to professional service industries and encourage international development of these services. Measures include supporting foreign institutions in obtaining relevant domestic financial licenses and promoting international cooperation in standard setting.

To bolster innovation, Jing'an will support the development of industry incubation platforms and promote the formation of industrial standards for blockchain and ultra-high-definition video technologies. Additionally, the district will promote a lump-sum funding model for fiscal research project funds.

Furthermore, the plan addresses bottlenecks in data flow, talent acquisition, and land resource utilization. Jing'an district will explore and develop a negative list for cross-border data flow in specific areas, strengthen talent recruitment efforts, improve foreign talent entry-exit services, and improve the efficiency of land resource utilization.

Source: Jing'an district development and reform commission