Lujiazui area, which is part of Shanghai Free Trade Zone, will give priority to developing shipping services and other high-value-added industries, an official told a forum this week.

Guo Zhiying, deputy director of the Lujiazui Administration, said they will cooperate with the Shanghai Institute of Marine Insurance to attract more shipping insurance and services companies to the area.

Efforts will be made to develop services such as ship financing, ship lease, shipping trust and shipping equity funds. Shipping companies with good credit can raise funds through stock markets or interbank markets, Guo said.

Shipbuilders are encouraged to engage in ship financing and ship leasing businesses. "Lujiazui welcomes domestic and foreign companies to provide shipping-related financial services here," he added.

Lujiazui now has more than 800 certified financial institutions, including banks, securities firms, insurance companies, and ten national markets such as Shanghai Stock Exchange. The number of financial institutions in Shanghai has exceeded 5,000.

Source:china-shftz.gov.cn