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China plans to introduce high-standard trade, financial, foreign currency and investment supervision systems as part of a free port within the Shanghai Pilot Free Trade Zone to further compete with other major shipping hubs such as Singapore and Hong Kong, the Ministry of Commerce said on Thursday.

China will also build low-cost and open centers for makers, improve preferential policies for startups and innovation, and strengthen intellectual property rights protection, the statement said.

China may face a tougher deleveraging task this year, compared with last year, in light of the economic stability measures for curbing the virus, said Zhang Xiaojing, deputy head of the National Institution for Finance and Development (NIFD) under the Chinese Academy of Social Sciences.

China is willing to step up bilateral cooperation with the World Bank via funding and knowledge channels, and deepen cooperation in key areas including environmental protection, biological diversity and poverty reduction, he said.

China leads the world in 5G development. Figures from the ministry last month showed China had built 410,000 5G base stations by the end of June, with 257,000 being set up in the first half of the year.