On 5 July, China’s Ministry of Commerce (MOFCOM) and Shanghai’s municipal government signed an agreement to jointly promote the development of a service industry in Shanghai, so as to develop the modern service industry and form an industry structure based on the model of a service economy.

The agreement contemplates the Shanghai municipal government stepping up the development of leading enterprises with established branding and intellectual property rights. The Shanghai municipality will also encourage the development of professional associations specifically for the service industry, establish service trade exhibitions, and encourage the attendance of local and overseas service trade activities.