The Ministry of Commerce of China recently announced 14 measures to support SIP to deepen the comprehensive experimentation in open innovation that it has been pushing forward since 2015 under the approval of the State Council.

These measures are designed to support SIP to foster a high-level new system of open economy through expanded institutional opening-up. Under the measures, SIP will shoulder more tests for opening-up and carry out more pioneering and pilot projects for comprehensive reforms. It will also enhance efforts to deepen cooperation with Singapore to further facilitate trade and improve its capacity in gathering global innovation resources.

Specifically, SIP will strive to promote collaborative innovation and development of the free trade zone and comprehensive bonded area in it, strengthen its capability in allocating global resources, optimize the international commercial and business dispute settlement mechanism, promote the development of the headquarters economy cluster, pilot projects for China-Singapore cooperation in digital trade, etc.

Based on the support of these measures, SIP is expected to upgrade its urban planning and development, and demonstrate more innovative practices for governance and growth of development zones like it.

November 21, 2024