Service platform to position Shanghai as Belt and Road hub

Shanghai has set up a comprehensive service platform to build the city into a hub for the Belt and Road initiative and to encourage market entities to go global.

The Shanghai Integrated Service Center for Enterprises Going Global (ODI Promotion Shanghai) was officially launched today.

The service center was set up by the Council for the Promotion of International Trade Shanghai (CCPIT Shanghai), with the approval of the Shanghai Municipal People's Government, to provide better services for building corporate capacity in cross-border trade and investment operations.

It aims to support the opening-up policy, meeting the corporate demands of greater international engagement and combining its work with the construction of Shanghai's pilot free trade zone and free trade port.

The center will deliver one-stop, accurate and efficient service in areas including trade and investment networking, commercial information, project matchmaking, legal protection, financial support and risk prevention, according to Yang Jianrong, chairman of CCPIT Shanghai.

"It will provide an umbrella to enterprises, not only in Shanghai and the Yangtze River Delta, but also across China, who wish to go overseas and carry out international operations," Yang said.

The service center will set up a joint committee composed of representatives from relevant government departments, establish a partnership mechanism to coordinate out-going domestic enterprises and foreign business promotion organizations, and set up a list of professional service providers which includes domestic and foreign law firms and accounting and consulting firms with experience in cross-border trade investment.

"Shanghai, in the recent five years, has posted actual foreign direct investment of over US$67 billion, which is the highest in China, and the structure has been largely optimized with a bunch of local multinational companies springing up," said Shang Yuying, director of the municipal commission of commerce.

"The service center will gather and integrate resources and power throughout the city and provide one-stop comprehensive services to companies, so as to push forward the healthy and sustainable development of the Going Global strategy," Shang said.

The six main functions of the service center are providing information and consultation services, exhibition and overseas promotion services, commercial legal services, overseas network establishment support, clearance and facilitation, and financial support.

Over 200 people from municipal and central authorities, organizations and companies attended the launching ceremony.