China's financial hub, Shanghai, announced 31 policy measures to promote high-quality and innovative development of the service sector.
According to a press conference held on Monday by the Shanghai Municipal Development and Reform Commission, the measures include attracting leading companies and establishing a directory of key enterprises and a list of priority projects.
The municipal government will support companies that achieve a particular scale of operating revenue or sales or maintain growth within the year in accordance with regulations.
Meanwhile, measures will be taken to enhance innovation support, expand the market, and reduce costs for enterprises to foster new growth drivers of the service sector.
"We support the opening of application scenarios, and will release guidelines in areas such as the digital economy and green low-carbon initiatives and provide rewards for benchmark scenario projects in accordance with regulations. In addition, we encourage the expansion of international business and support professional service institutions to accompany local enterprises in their overseas operations," said Qiu Wenjin, deputy director of the commission.
Moreover, Shanghai will launch a new round of pilot programs to expand the opening up of the service sector.
"We aim to create high-quality, diversified, and composite innovative scenarios for service consumption, guiding enterprises to develop integrated service consumption scenarios centered around tourism, sports, health and digital, and everything related to them," said Luo Zhisong, chief economist of Shanghai Municipal Commission of Commerce.
Shanghai rolls out new measures to boost service sector
