(Yicai) Dec. 8 -- Shanghai will further reform and open up in key service economy areas such as financial and telecommunication services as well as digital trade, according to a vice mayor.

Shanghai should focus on the three fields above as well as industrial integration and digital empowerment in deep synergy with international economic and trade rules, Vice Mayor Hua Yuan said at a press conference today, responding to Yicai's question about the city's development of service trade.

Shanghai should pay attention to industrial integration, especially the clustering of multinationals' regional headquarters, and its financial industry to further widen access to the world, per the vice mayor.

The eastern city should also focus on digital empowerment, speeding up the exploration of cross-border electronic payments and other key fields related to digital governance proposed in the general plan for the Shanghai Free Trade Zone because the city should provide a better business environment for China's rapidly growing market of online trade in services, he added.

The State Council, China's cabinet, recently proposed building an institutional system and regulatory model in alignment with international economic and trade rules in the Shanghai FTZ to turn it into a national demonstration zone for institutional opening up.

The financial hub in China will further enhance its international service capabilities to attract more financial institutions and long-term capital while injecting new impetus into its development, Zhu Min, director of the municipal commerce commission, said at the press conference.

Editor: Emmi Laine