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October 30 — Lingang Special Area, a vital hub within the Shanghai Free Trade Zone for testing economic and trade policies, is building a comprehensive financial services ecosystem to aid Chinese companies in their international expansion. This initiative aims to tackle issues such as overseas financing hurdles, currency fluctuations, and slow or inefficient funding processes.
Over 700 domestic and international financial services and investment firms have established a presence in Lingang, offering resources necessary for companies seeking cross-border financing, settlement of transactions, and foreign insurance during their overseas ventures, according to a recent cross-border financial services conference speaker.
The Lingang New Area “Going Global” Integrated Service Platform, launched last June as a one-stop resource hub, has brought together more than 520 specialized service providers across finance, legal, tax, and consulting sectors. This platform provides end-to-end support for enterprises, including registering for overseas direct investment, conducting country risk assessments, and accessing legal, tax, and market research services related to foreign operations, the speaker stated.
Within the financial sphere, the platform offers a unified, comprehensive suite of services to companies preparing to operate abroad. These include cross-border financing, payment and settlement solutions, insurance, and currency risk management, with ongoing efforts to connect more diverse financial resources, the speaker added.
“The integrated service platform has assisted over 1,000 companies in their international endeavors,” said Sun Canglong, Chair of Shanghai Lingang New Area Economic Development.
Currently, Lingang hosts more than 450 approved outbound investment projects, with Chinese firms investing nearly USD 7 billion, based on the latest area data.
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