(Yicai) Oct. 30 -- Lingang Special Area, a key testing ground for economic and trade policies within the Shanghai Free Trade Zone, is developing a super financial services ecosystem to support Chinese companies going global in addressing challenges with overseas financing, exchange rate fluctuations, and slow and inefficient funding.

Lingang has gathered over 700 Chinese and foreign financial services and investment firms that can provide resource guarantees for companies in need of cross-border financing, transaction settlement, and foreign insurance services during their overseas expansion, Yin Jun, director of the financial and trade department of the area's administrative committee, said at a recent cross-border financial services conference.

The Lingang New Area "Going Global" Comprehensive Service Platform, a one-stop resource docking system launched in June last year, has integrated more than 520 professional service institutions covering finance, law, taxation, and consulting, Yin noted. It offers full-chain integrated services for firms, including overseas direct Investment registration, country risk analysis, foreign-related legal and tax services, and market research, Yin added.

For financial services, the platform can provide one-stop and comprehensive service resources for overseas-bound companies, from cross-border financing, payment and settlement, insurance services to exchange rate risk hedging, Yin said, adding that it is also continuing to link more diversified financial resources.

"The comprehensive service platform has served over 1,000 companies expanding overseas," noted Sun Canglong, chairman of Shanghai Lingang New Area Economic Development.

There are more than 450 registered non-financial outbound direct investment projects in Lingang, with the total investment by Chinese companies reaching almost USD7 billion, according to the latest data from the area.

Editors: Tang Shihua, Martin Kadiev