(Yicai) Aug. 11 -- Shanghai has set a goal for the city's service trade to exceed USD300 billion over the next five years, establishing itself as a relevant globally influential hub in the period.

The Shanghai government outlined 27 work tasks to promote the upgrading of the service trade industry chain, fostering the development of new service trade formats, and enhancing the capacity, quality, and openness of service trade in the National Demonstration Zone for Innovative Development of Service Trade in Shanghai plan released yesterday. The city's services trade is expected to top USD270 billion by next year.

Shanghai's service trade imports and exports rose 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 service imports and exports climbed 1.3 percent to USD55 billion.

The new plan aims to further consolidate Shanghai's position as an open hub in the Asia-Pacific region, highlighting China's commitment to steadily expanding the openness of its service sector, Zhan Yubo, deputy director at the Shanghai Academy of Social Sciences' Institute of Economics, told Yicai. It will promote the development of high-end services, including digital services, professional services, and cultural tourism, Zhan added.

The 27 tasks feature the inclusion of artificial intelligence models and cross-border computing power within the scope of service trade for the first time, Zhan pointed out. In addition, emphasis is put on the active promotion of emerging cultural products -- online games, online films and television dramas, and online literature -- to go global, Zhan noted.

Shanghai will attract companies and institutions to set up local AI research and development centers, open-source platforms, and collaborative laboratories, the plan said. The city aims to promote the overseas utilization of computing power and models, support the export of AI agents, multimodal generative models, and other similar products, and encourage embodied intelligence firms to explore new service models throughout the entire lifecycle.

In addition, Shanghai will support companies in developing original high-quality games for the global market, hosting leading international esports events, encouraging the establishment of global digital reading platforms, and supporting the expansion of online micro-dramas into multilingual markets, according to the plan.

Besides growing these emerging service trade areas, Shanghai will continue to leverage its industrial clustering advantages in inbound tourism, cultural performances, sports events, health and wellness, and exhibitions. It will also further enhance inbound consumption and accelerate the development of the education service trade.

The city will promote the cross-border flow of data, professional talent, capital, and technology, expanding the openness of the service trade sector. It will also focus on key initiatives, including digitalization, green low-carbon schemes, AI, and biotechnology, to strengthen the alignment of international standards.

To implement the plan, Shanghai should further refine cross-border data management regulations, promote new service models, including bonded testing, offshore design, and cross-border after-sales maintenance, and leverage platforms like the China International Import Expo to form its service brand image, Zhan pointed out.

Editors: Dou Shicong, Martin Kadiev