Innovative insurance plan targets high-tech industry in Lingang
A work plan has been unveiled for Lingang Special Area in Shanghai to encourage more innovative insurance solutions for the city's high-tech industries, local authorities said.
The blueprint, jointly issued by China Banking and Insurance Regulatory Commission and Shanghai government, aims to promote more insurance innovation for the science and technology sector in Lingang Special Area of China (Shanghai) Pilot Free Trade Zone and support high-level reform and opening-up in the Pudong New Area.
With 25 specific policies, the plan seeks a two-way empowerment of the insurance and sci-tech sectors and better implementation of local and national major strategies.
Support will be targeted at key industries such as civil aviation, high-end equipment manufacturing, integrated circuits, artificial intelligence and smart new-energy vehicles.
Comprehensive protection will also be offered to green, low-carbon and high-quality development and new infrastructure areas like network security.
For example, in order to support insurance innovation for the integrated circuits industry, Lingang Special Area Management Committee, Shanghai Bureau of China Banking and Insurance Regulatory Commission, as well as several insurance firms signed a tripartite cooperation agreement to provide financial support for an integrated circuits innovation laboratory and related enterprises.