A work plan has been revealed for Shanghai’s Lingang Special Zone to encourage more innovative insurance solutions for the city’s high-tech industries, local authorities said.
The blueprint, jointly issued 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 Lingang Special Zone Pilot Free Trade Zone (Shanghai) and support reform and opening up high-rise in Pudong New District.
With 25 specific policies, the plan seeks to mutually empower the insurance and scientific technology sectors and better implement local and national major strategies.
Support will be targeted at 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 and high-quality developments and new infrastructure areas such as network security.
For example, in order to support insurance innovation for the integrated circuit industry, the Lingang Special Area Management Committee, the Shanghai Bureau of Banking and Insurance Regulatory Commission of China, as well as a number of insurance companies signed a tripartite cooperation agreement to provide financial support for integrated circuits . innovation lab and related initiatives.