Shanghai unveils plans for intl business cooperation zone

The detailed development plan for the Shanghai Eastern Hub International Business Cooperation Zone has been officially approved, China (Shanghai) Pilot Free Trade Zone Administration's bonded area bureau announced on Monday.

With a planned 0.88 square kilometers, the zone will explore higher level of facilitation policies for cross-border businesses by giving full play to the transportation network connecting high-speed train, the airport, and metro lines, according to the newly released plan.

The construction of two bridges and one tunnel may start when it is necessary to better connect the eastern and western parts of the zone. Smart buses will be introduced into the zone to meet commuters' needs during different hours of the day, according to the local administration.

As China's first special function zone facilitating the flow of people, luggage and goods at the same time, the zone is projected to grow into a flexible ecosystem by using module-based space design.

Special space will be provided in the zone for multinational companies' regional headquarters to conduct negotiations for trade or cross-border mergers and acquisitions.

Helping to forge closer ties between top universities and industries, the zone will build cross-border training platforms covering the sectors of biomedicine, digital trade, and artificial intelligence. Tailor-made courses will be provided at the training bases built in the zone so that companies can have a better understanding of the rules and cultural barriers in terms of cross-border operation.

The zone will also feature biomedicine and consumer electronics exhibitions where immersive and interactive scenarios are integrated into the exhibition area. Smart systems and speed clearance services for cross-border exhibits will be provided at the exhibition venues, which are in the pipeline.

The zone will also attract a cluster of legal, finance, accounting, and consulting companies to provide compliance, cross-border settlement, and intellectual property rights protection services for the outbound Chinese companies.