Shanghai’s Seven Departments Issue Plan for Developing a Demonstration Zone for Innovative Trade in Services

On August 10, 2026, the Shanghai Municipal Commission of Commerce and six other departments released the Plan for Developing the Shanghai National Demonstration Zone for Innovative Development of Trade in Services (the “Plan”).

The Plan proposes that Shanghai’s trade in services reach USD 270 billion by 2027 and exceed USD 300 billion by 2030. It will focus on upgrading transportation, business, travel, digital and other services; develop trade in integrated circuits, biomedicine, artificial intelligence, aircraft, new energy vehicles, data, financial and insurance services, and cultural services; implement a negative list for cross-border data transfers acorss the city; and facilitate the cross-border flow of talent, capital and technology. In principle, banks may dispense with reviewing transaction documents for foreign exchange receipts and payments under trade in services of less than the equivalent of USD 50,000 per transaction; Shanghai will support streamlined settlement for high-quality enterprises and improve services for export credit insurance, guarantees for foreign exchange risk hedging, intellectual property transactions and foreign-related arbitration.