(Yicai) Aug. 11 -- Shanghai will strive to become a globally influential hub for trade in services over the next five years, setting targets of USD270 billion in annual trade by next year and more than USD300 billion by 2030, according to a newly released official plan.

The plan, published yesterday, sets out 27 tasks, ranging from upgrading service trade supply chains to fostering new service trade models, as the city seeks to expand the sector while improving its quality and opening it further.

Shanghai’s trade in services increased by 5.5 percent to USD124.1 billion in the first half of last year from a year earlier, according to previously released official figures. Digital services trade rose 1.3 percent to USD55 billion.

The plan will further strengthen Shanghai’s role as an open gateway to the Asia-Pacific region and underscores China’s efforts to steadily widen access to its services economy, said Zhan Yubo, deputy director of the Institute of Economics at the Shanghai Academy of Social Sciences. It is expected to accelerate the growth of high-end services, including digital and professional services as well as culture and tourism, he told Yicai.

Among the 27 tasks are several new areas of focus. For the first time, Shanghai has included artificial intelligence models and cross-border computing capacity within the scope of the trade in services, while also seeking to accelerate the overseas expansion of digital cultural products such as online games, films, and television dramas, as well as web literature, Zhan said.

The metropolis plans to attract companies and institutions to establish AI research centers, open-source platforms, and joint laboratories, while facilitating overseas access to computing power and AI models. It will also support the export of AI agents and multimodal generative models and encourage embodied AI businesses to explore new full-lifecycle service models.

In addition, Shanghai will support developers targeting international markets with original high-quality games, host leading global esports events, and encourage the creation of digital-reading platforms with international reach. It will also help online micro-dramas expand into overseas markets with multilingual content, according to the plan.

Beyond emerging areas of the trade in services, Shanghai will continue to capitalize on its strengths in inbound tourism, cultural and performing arts, sporting events, health and wellness, and exhibitions and conventions. The city also plans to boost spending by international visitors and accelerate the development of education services as an export industry.

Shanghai will facilitate the cross-border flow of data, professional talent, capital, and technology as it further opens its services trade sector. It will also seek closer alignment with international standards in key areas including digitalization, green and low-carbon development, AI, and biotechnology.

To put the plan into practice, Shanghai should further refine its rules for cross-border data flows and promote new service models such as bonded testing, offshore design, and trans-border after-sales operations and maintenance, Zhan noted. The city should also use platforms such as the China International Import Expo to build the global profile of its services brands, he added.

Editors: Dou Shicong, Martin Kadiev