On February 2nd, the Fourth Session of the 14th Shanghai Committee of the Chinese People's Political Consultative Conference (CPPCC) opened. Wang Yunfeng, a member of the Shanghai CPPCC Committee and the President and Chief Executive Officer of HSBC Bank (China) Company Limited, put forward relevant proposals focusing on building a high-level comprehensive overseas service system to strengthen support for the global layout of Chinese enterprises.
Wang Yunfeng pointed out that Chinese companies' expansion overseas has entered a "3.0 era" characterized by industrial chain layout. They are now comprehensively exploring international markets through the global deployment of industrial and supply chains, leading to increasingly complex and diverse demands for cross-border services. This presents higher requirements for Shanghai to construct a high-level integrated service system.
Currently, Shanghai has achieved phased results in building an "Overseas Comprehensive Service System" and can make further efforts in the following three areas to better play its role as a "bridgehead" for Chinese companies going global: First, optimize domestic service functions and extend the overseas service network. Shanghai can drive upgrades to the service system from both domestic and international fronts. On one hand, various service centers in Shanghai should proactively reach out to potential client companies, promoting the high-quality supply and efficient matching of service resources. Simultaneously, addressing the pain points and challenges reported by companies expanding abroad, efforts should be made to enhance the overseas service capabilities of professional institutions in law, finance, accounting, consulting, digital technology, and intellectual property, actively connecting more high-quality service providers to join the "Going Global" Professional Service Alliance. On the other hand, Shanghai can leverage its advantage in international connectivity, including deepening cooperation with overseas industrial parks, business associations, and service institutions, and establishing comprehensive overseas service stations in key countries. By improving the multi-layered service network both within China and abroad, a full-cycle, companion-style service system can be provided to enterprises, from preliminary consulting and local operations to international expansion.
Second, deepen Shanghai-Hong Kong collaboration to jointly build a "service port" for companies going global. As a vital platform for mainland enterprises expanding internationally, Hong Kong acts not only as a "super connector" linking domestic and international markets but also as a "super value-adder" for corporate internationalization strategies. Deepening the interconnection between the two financial centers of Shanghai and Hong Kong will help sustain the crucial financial service chain for Chinese companies going global, assisting them in obtaining lower cross-border transaction costs, richer financing options, and more convenient access to global resources. It is suggested that when Shanghai plans its enterprise overseas service system for the "16th Five-Year Plan" period, it should prioritize strengthening the co-construction of the overseas service ecosystem with Hong Kong. By facilitating the efficient flow of capital, institutions, market infrastructure, and information, a powerful "overseas service port" can be created for Chinese enterprises.
Third, empower new quality productive forces by launching specialized pilot services for "Sci-Tech Going Global." Technology and innovation enterprises, especially those that are technology-intensive, generally feature characteristics such as light assets, high R&D investment, long return cycles, and rapid expansion speed. Their needs for overseas services differ significantly from those of traditional foreign trade companies. It is recommended that Shanghai establish a dedicated "Sci-Tech Enterprise Overseas Service Acceleration" window within relevant comprehensive service platforms, forming advisory panels comprising experts from government departments, international banks, venture capital institutions, and intellectual property law firms to provide full-cycle companion services for overseas expansion. Furthermore, by piloting innovative financial support tools through a "policy toolkit" and proactively building a "cross-border innovation ecosystem," bidirectional matching between technology and capital can be promoted, industry-university-research cooperation can be advanced, and online/offline exchange activities linking Shanghai with international sci-tech innovation platforms can be facilitated.
Comments