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August 14, 2020

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Lingang can play a special role in industrial upgrade

THE Lingang Special Area can play a key role as it drives Chi­na’s industrial upgrading and improves the efficiency of con­nections between domestic and international markets, a senior official with Shanghai’s top eco­nomic planner said yesterday.

The special area in the city’s free trade zone will mark its first anniversary next week.

Zhu Ming, the Shanghai Devel­opment and Reform Commission’s deputy director, said Lingang’s mission is to focus on core fields including integrated circuits, artificial intelligence, biological medicine and aerospace.

The area will also introduce cutting-edge international in­dustrial projects, establish and improve industrial policies and systems, integrate into the in­dustrial layout of the Yangtze River Delta region, and drive the advancement of domestic industries.

Lingang was included in the Shanghai free trade zone last year as a special area at the forefront of China’s further opening-up.

Institutional innovations were carried out in industrial development, finance, customs supervision, taxes, rule of law and human resources in to build a new free port and economic engine for China.

The special area will also focus on the construction of four industrial parks to serve the development of integrated circuits, life sciences, large aircraft and information technology.

It is estimated that by the end of the year, total investment in integrated circuits alone will ex­ceed 100 billion yuan (US$14.4 billion), Zhu said.

Zhu Zhisong, executive deputy director of the Lingang Special Area Administrative Committee, said that agreements on 358 proj­ects had been reached since the establishment of the special area on August 20 last year, involving total investment of 271.3 billion yuan.

Almost half the announced 78 policies and institutional innovations have been implemented.

From January to July, it is es­timated that investment in fixed assets in Lingang would increase by 32.8 percent from a year ago, industrial investment would in­crease by 69.8 percent and total industrial output value would rise by 26 percent, compared with the same period a year ago, he said.

Since the inception of the spe­cial area, 15,115 new enterprises have been established, with a year-on-year increase of 70 per­cent. Registered capital exceeds 200 billion yuan, with a year-on-year increase of 313 percent.

Zhu Zhisong pointed out that the framework of an open policy system had taken shape and Lingang had made great achievements in improving the investment environment, form­ing a highly open transport system, gathering talent from home and abroad, upgrading cross-border data connectiv­ity, relieving tax burdens and building a comprehensive risk management framework.

Trade liberalization and facilita­tion have been boosted to promote development of Yangshan Special Comprehensive Zone.


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