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Shanghai unveils new regulations to bolster development of Hongqiao Intl CBD

LMS| Updated: November 1, 2022

Shanghai on Nov 1 implemented a series of new regulations to drive the development of the Hongqiao International Central Business District.

Some of the regulations are related to the planning, building, management, services and logistics of the Hongqiao International CBD, according to Yan Rui, director of legal affairs at the standing committee of the Shanghai Municipal People's Congress.

Dai Liu, director of the financial and economic committee of the standing committee, described these regulations as "practical" and said they would benefit the district.

Other regulations are aimed at helping businesses in the CBD with matters such as financing and talent recruitment.

According to officials, a range of new initiatives will be taken to turn the CBD into a global trading hub, and digital trade and cross-border e-commerce will become the new focus for development.

Officials added that the CBD will also compile and release reports such as the Hongqiao Open Index on a regular basis to analyze topics such as trade facilitation, activities and performance of trading in the region, and the impact of exhibitions and conventions on trading.

Some of the new regulations are aimed at supporting the National Exhibition and Convention Center (Shanghai), the permanent venue for the annual China International Import Expo and a major landmark within the Hongqiao International CBD. These regulations specifically target areas like regularization of tax exemption policies, customs and clearance, and intellectual property protection.

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