A platform for the integrated development of central SOEs and local enterprises in the China (Shanghai) Pilot Free Trade Zone was inaugurated in the B section of the Expo Zone on May 9, local media reported.

Expo Zone B section, the city's high-end low-carbon base of central SOE headquarters, houses 28 individual buildings of 13 famous central SOEs including COMAC, Baosteel and China Huadian Corporation.

First of its kind in China, the platform is oriented towards driving both central SOEs and local enterprises to achieve integrated development and investment cooperation, build supporting facilities and take the lead in innovation. It is committed to building Expo Zone into a main hub for central SOEs to join in the construction of the Shanghai FTZ.

Domestically, it will vigorously engage both enterprises in Shanghai's economic development, foster new growth drivers and build a cluster of advanced manufacturers, modern service providers and strategic emerging industries.

Externally, it will facilitate central SOEs' business expansion to countries and regions involved in the Belt and Road Initiative, and speed up Shanghai's efforts in gathering and allocating global resources for international cooperation and competition.

With the platform as a demonstration, relevant authorities will further promote a cooperative mechanism between ministries and city government to improve the business environment and provide comprehensive support for central and local enterprises.

Six business projects were signed at the inauguration, involving as much as 24 billion yuan ($3.77 billion) in capital.