Shanghai will coordinate with state-level authorities to draft and implement plans for an expansion of the city’s free trade zone as one of the city government’s top priorities for the first quarter, Mayor Ying Yong said on Monday.

Companies in the new area will be given preferential policies to conduct offshore trading, offshore financing and digital trading. The area is expected to have global influence and competitiveness, the mayor said at a government meeting.

The city will also help quality companies nationwide list with the planned technology innovation board on the Shanghai Stock Exchange, while fostering local innovation-driven startups.