Lin-gang Special Area to center on seven key industries

The Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone will focus on seven key industries, according to an industrial map released by the area's management committee on Nov 28, 100 days after its launch.

Seven project deals valued at more than 15 million yuan ($2.12 billion) were signed at the ceremony that day.

According to the map, the seven key industries include integrated circuits, artificial intelligence, biomedicine, aerospace, new energy vehicles, equipment manufacturing, and green remanufacturing.

The zone is also focusing on the development of five modern services: international trade, cross-border financial services, shipping services, information services, and scientific and technological innovation services.

The Lin-gang Special Area divides enterprises into eight different regions.

For example, the frontier industrial zone will house enterprises involved in integrated circuits, smart new energy vehicles, high-end equipment manufacturing, green remanufacturing, technology, and aerospace. 

Meanwhile, companies involved in cross-border financial services, international trade, and international medical services will be in a zone reserved for the modern services industry. 

The plan is meant to demonstrate that the Lin-gang Special Area is not merely an extension of the Shanghai Free Trade Zone – it promotes comprehensive services and will influence the development of the Yangtze River Delta economic zone, said Chen Yi, director of the investment management department of Shanghai Lin-gang Industrial Area Economic Development Co.

The ceremony on Nov 28 also saw the establishment of an investment promotion and service center in the area.

According to Chen, the center will help enterprises understand the policies of Lin-gang New Area and help launch new enterprises in the area.

The Lin-gang area, which extends 119.5 square kilometers, will be located east of Jinhui Port and south of Dazhi River, Xiaoyangshan Island, and Pudong International Airport in Shanghai.

By 2025, the area plans to have a relatively mature institutional system for the facilitation and liberalization of investment and trade. By 2035, it is expected to have become a special economic zone with strong global market influence and competitiveness and serve as an important platform for China’s economic globalization.

More than 90 projects are already planned for launch in Lin-gang New Area, and 23 key projects with a total of more than 11 billion yuan in investment were already launched on Sept 12. 

A series of favorable policies have been implemented in the area over the past 100 or so days to attract talent, strengthen financial support, and increase industrial innovation.