Original Title: Putuo District’s Three-Year Action Plan for Attracting Investment in the Science, Technology, and Finance Industries (2022–2024)
I. General Requirements
(1) Guiding Principles
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will fully implement the spirit of the 19th CPC National Congress, the successive plenary sessions of the 19th CPC Central Committee, and General Secretary Xi Jinping’s important speeches during his inspection of Shanghai. We will strengthen the Party’s leadership over financial work, closely focus on the goals and key tasks set by the 11th Putuo District Party Congress, and follow the general work approach of “building brands, enhancing functions, establishing platforms, advancing projects,shape the ecosystem, and strengthen services,” we will focus on digital finance, quality finance, industrial finance, and waterfront finance. We will strive to enhance the contribution, recognition, and visibility of technology-driven finance, thereby demonstrating the role and contribution of finance in the broader context of accelerating the construction of Putuo’s “Two Zones.”
(2) Basic Principles
— Adhere to the strategic positioning of “differentiated development and finance-led development.” Uphold strategic resolve in financial development, accelerate the growth of emerging financial sectors, and strive for excellence, specialization, refinement, and distinctiveness to build regional industrial clusters with unique characteristics and establish competitive advantages through differentiation.
— Adhere to the goal-oriented approach of promoting high-quality economic development. Take serving the real economy as the starting point and focal point of financial work; advance financial reform and development from the perspective of meeting the needs of the real economy and the people’s aspirations for a better life; and strengthen financial services.
— We will adhere to “full financial empowerment and digital upgrading” as key strategies. We will focus on the two-way transformation of digitalizing finance and financializing digital sectors, further deepening the integration of finance and technology, and expanding the application scenarios of fintech to serve as a powerful “booster” for economic and social development.
— Uphold the prevention and resolution of financial risks as the safety baseline. Place greater emphasis on preventing and resolving major risks in the regional financial sector; accurately identify and effectively resolve various potential risks; and firmly uphold the bottom line of preventing regional systemic financial risks.
II. Work Objectives
By 2024, we will strive to achieve three major breakthroughs:
1. Elevate the fintech industry from a key sector to a pillar industry. In 2021, the financial sector accounted for 8.5% of our district’s GDP (Shanghai’s financial sector value-added reached 797.325 billion yuan, accounting for 18.5% of GDP). We must accelerate its rise to a pillar industry to highlight the achievements of our regional economic structural transformation.
2. Shift the focus of the financial industry chain from “supplementing and extending” to “consolidating and strengthening.” Achieve a structural transformation from scale expansion to a greater emphasis on quality, and an upgrade from resource aggregation to functional enhancement. Focus on attracting major players and high-caliber enterprises in niche sectors to further highlight the strengths of asset management, financial leasing, private equity funds, fintech, and supply chain finance.
3. Elevate the financial brand from a regional vision to an integral part of the Yangtze River Delta development blueprint. Further expand the scope and depth of “fintech.” Align with the development strategy of the Shanghai-Nanjing Industrial Innovation Corridor to build a modern financial service zone with significant influence in the Yangtze River Delta region.
III. Special Initiatives
(1) High-Standard Development of Four Major Financial Sectors
1. Attracting major players and strengthening the sector to promote high-quality finance. Focusing on niche sectors such as asset management, financial leasing, private equity funds, fintech, and supply chain finance, we will target private listed companies, headquarters (regional headquarters and secondary headquarters),large internet enterprises, and state-owned enterprises (including central SOEs relocating from Beijing and local SOEs expanding into Shanghai), as well as the financial divisions of these entities; second- and third-tier banks with limited licensing oversight; wealth management firms; securities asset management companies; and fintech firms. We will compile and refine a list of target enterprises, build a strong reputation for the “Financial Shanghai Office” in Putuo, and achieve both expansion and quality improvement in the fintech industry. We will seize the opportunity presented by the decentralization of tax revenue shares from newly established banks and insurance institutions to secure an increase in licensed financial institutions.
2. Proactive Planning and Focus on Digital Finance. Vigorously support financial product and institutional innovation, build a “Technology + Finance + Scenario” ecosystem, and implement the “Three Batches” initiative: First, attract a group of leading fintech enterprises with international renown and influence; strive to have national financial regulatory authorities and financial institutions establish information platforms, information service centers, and data centers within the district; and introduce and establish financial data, information, and software service enterprises to form a fintech industrial cluster.Second, cultivate a group of fintech application projects characterized by strong innovation, broad applicability, and exemplary performance. Aggregate new data elements, strengthen new infrastructure for computing power, and harness new engines for algorithms. Focusing on financial innovation needs and industrial financial service demands, promote the research, development, and application of emerging technologies—such as the Internet of Things (IoT), big data, artificial intelligence (AI), blockchain, digital currency, and the metaverse (virtual reality)—in the financial sector.Third, we will identify a range of intelligent, industrialized, and people-oriented financial services. Looking upward, we will explore the integration of digital technology with finance in areas such as digital currency, inclusive finance, and smart finance, achieving mutual empowerment between cutting-edge technologies and key industries, as well as between key industries and related sectors. Looking downward, we will encourage financial institutions to utilize technological means to address challenges in people-oriented financial services—such as retrofitting elevators in existing multi-story residential buildings—thereby leveraging finance to support the digital transformation of the economy, governance, and people’s livelihoods.
3. Forging strategic alliances to drive industrial finance. Finance is an indispensable element for the development of all industries. The District Committee’s “12345” Action Plan [One River, Two Trumps, Three Key Areas, Four Major Industries, and the Five-Color Urban Renewal Initiative] provides a wealth of financial application scenarios. By serving the “Two Trumps,” “the “Two Major Platforms,” and the “Two Major Layouts,” we will promote the establishment of the Shanghai Science and Technology Innovation Enterprise Financial Service Center (Putuo). This center will house a series of technology finance workstations—including the China-Israel, Tsinghua, Changfeng, Tiandi, and Haina Towns—to provide cross-border financial services such as free trade accounts and cross-border capital pools, as well as investment and financing services including IPO and bond issuance. We will offer government services that involve early-stage investment promotion, mid-stage service follow-up, and end-stage collaborative risk prevention and control, thereby serving as a “game-changing assist” for industrial development.
4. Capitalizing on Local Conditions to Boost Waterfront Finance. Enhance the region’s capacity to support financial activities. Leverage historical architectural resources within the district, restoring them to their original state while revitalizing the area. Optimize the functional layout of the Shanghai Science and Technology Finance Industrial Cluster. Leveraging the natural geographical advantages of the “Banma-Suhe” area, create the “Puxi Financial Lounge” as a physical landmark, build high-quality industrial facilities, improve property management standards, leverage local service strengths, and implement a plan to attract existing financial enterprises back to the district.
(II) Providing High-Efficiency Services for Comprehensive Investment Promotion
5. Take the initiative in capital-driven investment promotion. Leverage the catalytic role of state-owned capital, assets, and funds; refine mechanisms for fundraising, investment, management, and exit; and explore the design of financial products for capital-driven investment promotion. In attracting major projects, harness the unique ability of state-owned capital to integrate “functional” and “market” roles, using capital to attract industries and promoting the deep integration of industrial, capital, and innovation chains.Support high-quality investment institutions in initiating and establishing industrial funds and sub-funds of guiding funds, continuously strengthen the capabilities of venture capital and private equity funds, and promote the formation of a capital pool of 10 billion yuan tailored to the region’s industrial positioning.
6. Develop a roadmap for function-based investment promotion, conduct a comprehensive survey to establish a foundational database of industrial enterprises, and create precise profiles through tiered and categorized analysis. Map out industrial landscapes and value chains, follow the map to identify opportunities, and expand along the chains to fill gaps in the public offering and trust sectors while strengthening key segments such as financial leasing.Focusing on financial services covering the entire lifecycle of technology enterprises, we will accelerate the development of a professional and intermediary service system aligned with regional financial development. We will vigorously support the standardized growth of professional service institutions—including accounting and auditing, legal services, credit rating, asset appraisal, investment consulting, and credit information services—particularly those in emerging financial sectors.
7. Build a robust "business-attracting-business" network and improve the ecosystem of investment promotion circles: Vertically, attract leading upstream and downstream enterprises and supporting businesses—such as listed companies, internet platforms, and securities firm headquarters—to establish operations here, gradually transitioning from individual projects to clusters of similar enterprises, then to industrial chain expansion, and ultimately to industrial clusters;Horizontally: First, using universities, colleges, and research institutes as hubs, focus on attracting startup projects and alumni resources to generate resource spillovers from higher education institutions; second, collaborate with CFOs of existing enterprises to deeply tap into resources in emerging business sectors and partner networks; third, establish mechanisms for implementing strategic partnerships with contracted banks and institutions, as well as “post-forum” follow-up work, to forge deep ties with banks, institutions, and forum participants, broaden funding sources, and foster business synergy.Fourth, leverage the spillover effects of the IPO expert advisory group to support suburban enterprises relocating to the city center, out-of-town enterprises entering Shanghai, and projects preparing for an IPO.
8. Strengthen our flagship brand for investment promotion services. Establish a working mechanism covering project onboarding, classification and grading, progress tracking, rolling management, implementation support, ongoing services, and business retention efforts to deepen comprehensive industrial services. Further refine the system of dedicated service officers for key enterprises, ensuring full coverage of visits to key enterprises within three years and providing “concierge-style” dedicated support to coordinate and resolve their needs.
(3) Shaping a High-Level Financial Ecosystem
9. Revitalize the financial market through district-exchange collaboration. Leverage the market-leading role of the Shanghai United Property Rights Exchange in mobilizing all elements and resources, and support participation in the construction of Shanghai’s “One-Network Trading” platform for the non-standardized market. “One-Network Trading” initiative, and engage in multi-platform cooperation covering central state-owned enterprise property rights, financial property rights, intellectual property, regional equity markets, non-public property rights, environmental and energy sectors, cultural, sports, and tourism property rights, cross-border business, and credit reporting services. We will strive to attract the priority establishment of newly established sectors, platform operators, and their subsidiaries, and work to secure the implementation of pilot projects for various “first-of-their-kind” initiatives, such as private equity fund share transfers, intellectual property financing innovations, and green finance transactions.Co-host flagship events such as the World M&A Conference. Deepen comprehensive cooperative relationships, establish joint working groups, conduct two-way talent exchange programs, strengthen coordination and referral efforts, and achieve mutually beneficial cooperation.
10. Platforms will join forces to form a grid-based ecosystem. By partnering with major platforms and fostering close collaboration among districts, universities, colleges, research institutes, and enterprises, we will create a platform ecosystem characterized by cross-regional resource sharing, coordinated development, and synchronized progress across multiple platforms.Collaborate with the School of Advanced Finance at Shanghai Jiao Tong University (Shanghai Advanced Institute of Finance). Accelerate the commissioning of the Changfeng Campus; expedite the implementation of the “Certified Global FinTech Professional (CGFT)” certification program; and establish the “FinTech Professional Committee” and “Futures Professional Committee” under the “International Financiers Forum.” Attract and aggregate related enterprises and alumni resources to jointly host flagship events.Collaborating with the Yangtze River Delta FinTech Research Institute, we will accelerate the establishment and operation of an innovation practice base, engaging in comprehensive cooperation in areas such as fintech research, industry standard formulation, curriculum training, scenario innovation, the implementation of innovation application competitions, and the development of a pipeline of projects for the industrialization of university research achievements. Partnering with the Shanghai Stock Exchange, we will jointly promote the Shanghai Equity Custody and Trading Center’s exploration of a transfer listing mechanism for pre-IPO companies, aiming to be included in the first batch of pilot programs. In collaboration with Xinhua News Agency’s China Economic Information Service, we will sign a Memorandum of Understanding on comprehensive investment promotion and consulting services with the Xinhua News Agency’s Yangtze River Delta Operations Center.Leverage Xinhua News Agency’s full-media resources to build our image and expand publicity. Collaborate with the Shanghai Science and Technology Finance Museum, as well as resources from the China M&A Annual Conference, Fund Annual Conference, Financial Lecture Series, and visiting institutions, to enhance the museum’s reputation.
11. “Suhe Night Talks” to refine the financial brand. With the Changfeng Cultural Exhibition Center as the main venue, host at least one influential annual summit forum each year to permanently establish a high-end academic and industry forum brand. Hold quarterly investment and financing matchmaking events and project roadshows to gather financial expertise and resources, effectively facilitate capital integration, and promote win-win industry cooperation.Regularly host “Suhe Night Talks” salon events, with banks, securities firms, platforms, government agencies, and enterprises taking turns to host, thereby establishing a regular platform for exchange. Deepen the operation of high-end industrial alliances such as the Yangtze River Delta Supply Chain Finance Consortium, strengthening connections between upstream and downstream sectors of the industrial chain, between finance and industry, and between enterprises and professional institutions such as financial firms, law firms, accounting firms, and industry associations. Promote the establishment and development of high-end think tanks, organize events, and release indices to enhance brand awareness, credibility, and influence.
(IV) Providing High-Quality Financial Services
12. Strengthen financial support for enterprises. First, guide financial institutions to increase credit disbursement and fully leverage the policy benefits of the “General Loan” initiative. Leveraging the “Stabilizing Growth” task force, enhance coordination efforts, establish collaborative mechanisms with financial institutions across the district—including banks and securities branches—and build a multi-dimensional network of coordinated support. Second, broaden direct financing channels by providing credit enhancement support for bond issuance to eligible private enterprises, industry leaders, and key enterprises in industrial chains.Thoroughly implement the “Pujiang Light” initiative to support local enterprises in listing on major domestic and international capital markets, as well as in mergers and acquisitions and refinancing. Solidify the “Four Ones” working mechanism—one form per enterprise (tiered database), one-stop processing (leadership group), one policy per enterprise (expert advisory team), and one financial manager per enterprise—to provide policy support for listings, training and guidance, project roadshows, and financing matchmaking.Third, innovate supply chain financial services to support enterprises in connecting with the Shanghai Bill Exchange and building a supply chain bill platform, thereby improving the efficiency of accounts receivable financing for small, medium, and micro enterprises. Encourage the development of supply chain financing products such as order-based, warehouse receipt-based, and inventory-based financing. Deepen government-bank-enterprise cooperation in supply chain finance, and encourage and guide core enterprises at the head of industrial chains to provide supply chain financial services through information integration, establishing financial companies, or building their own platforms, thereby driving the integrated development of large, medium, and small enterprises across upstream and downstream industrial chains.
13. Upgrade and develop the “Pu Xi Jin” comprehensive financial service platform. First, expand the range of participating institutions by adding securities firms, insurance companies, and fund management firms to the existing base of banks and local financial organizations, thereby creating an integrated mechanism linking investment, lending, and insurance.Second, upgrade functions by adding services such as IPO support, business processing, and information announcements in addition to financing services. Third, enhance service quality by comprehensively establishing an “Online Financial Service Office” to provide interactive services and administrative processing for policy consultation, IPO guidance, business relocation, confirmation letter processing, establishment and amendment procedures, and event participation.
IV. Support Measures
14. Strengthen Organizational Leadership. Uphold the Party’s unified leadership over financial work. In accordance with the decisions and deployments of the District Party Committee, implement major policies, strategic plans, and significant reform and opening-up measures in the financial sector.We will solidify the Party Building Alliance for Technology Finance, strengthen the Party’s leadership and Party building in Putuo District’s financial sector, and actively establish a Party building framework aligned with the development of specialized financial functional zones. We will improve the mechanism for direct liaison, guidance, and service between district leaders and key financial enterprises, establish and refine routine cross-departmental working liaison mechanisms, and strengthen coordination and information sharing between the financial sector and departments such as development and reform, investment promotion, finance, taxation, science and technology, and market regulation.
15. Strengthen management coordination. At the municipal level, implement cooperation agreements between the district and municipal authorities; actively coordinate with regulatory bodies such as the “One Bank and Two Commissions” and the Municipal Financial Bureau; explore a “multi-plan integration” management coordination mechanism for fintech that spans districts, departments, and systems; and strengthen guidance on fintech cooperation while attracting and channeling high-end resources.
16. Strengthen policy support. Increase the supply of industrial policies, formulate targeted support policies for specific sectors such as fintech at appropriate times, streamline policy procedures, and enhance policy effectiveness. Allocate dedicated industrial funds, strengthen positive incentives, and actively explore support measures for enterprises organizing high-level industry forums and implementing major projects. Support the high-quality development of core enterprises with rapid annual economic growth.
17. Strengthen financial rule of law. Properly balance the relationships between regulation and innovation, regulation and efficiency, and regulation and service. Strengthen supervision of local financial institutions, align with high-quality development requirements, and prevent malicious bond defaults, illegal financial activities, mass incidents, and risk events involving local financial institutions. Promote financial rule of law innovations such as financial circuit courts and conduct investor education on a regular basis.
18. Build a talent hub. Implement a “one-policy-per-enterprise” approach to optimize incentive mechanisms for high-level corporate talent. Improve the “soft environment” for financial talent by providing conveniences for residency, medical care, education, housing, and entrepreneurship for high-level financial professionals, and refine supporting measures. Strengthen cooperation with financial education and training institutions such as universities, colleges, research institutes, and museums to organize financial training programs and growth camps for enterprises and frontline cadres within the district.Recognize outstanding financial enterprises for their innovative development and fulfillment of social responsibilities at appropriate times to enhance their sense of achievement and honor. Resolutely implement the principles of the Party managing cadres and cadres following the Party; vigorously cultivate, select, and appoint professionals who are politically reliable, have excellent conduct, and are highly competent in their fields; build a strong financial leadership team to provide a solid guarantee for the development of Putuo’s financial sector.
Putuo District Financial Services Office, Shanghai
June 16, 2022
