A work plan has been unveiled for Shanghai’s Lingang Special Zone to encourage more innovative insurance solutions for the city’s high-tech industries, local authorities said.
The plan, jointly released by the China Banking and Insurance Regulatory Commission and the Shanghai government, aims to promote more insurance innovation for the science and technology sector in China’s pilot free trade zone. Lingang Special Zone in China (Shanghai) and to support high-level reform and opening up. in Pudong New Area.
With 25 specific policies, the plan aims for two-way empowerment of the insurance and science and technology sectors and better implementation of major local and national strategies.
Support will be targeted to 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, high-quality development and new infrastructure areas like network security.
For example, in order to support insurance innovation for the integrated circuit industry, the Lingang special zone management committee, the Shanghai office of the China Banking and Insurance Regulatory Commission, as well as that several insurance companies have signed a tripartite cooperation agreement to provide financial support to an integrated circuit innovation laboratory and related enterprises.