Lin-gang Special Area sees standout trade growth

Over the past five years, Shanghai's Lin-gang Special Area has seen its offshore trade grow at an annual rate of 128.9 percent and its cross-border renminbi settlement volume surge 136.3 percent per year, thanks to its adamant adherence to opening-up and innovation, according to official sources.

While celebrating its fifth anniversary in August, Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone announced it had achieved high-speed development with an average GDP growth of 19.8 percent per year, and its combined industrial output value of enterprises with annual revenue of 20 million yuan ($2.81 million) or above rose 34.6 percent on average per year, said Chen Jinshan, director of the Lin-gang Special Area Administration, during a news conference on Tuesday.

Chen said Lin-gang's accomplishments include a number of institutional innovations such as enhancing its complete industrial system and becoming an ideal place for young career development, which are attributable to Shanghai's efforts to boost high level opening-up.

The special area, situated in southeast Shanghai — with Pudong International Airport to its north and Yangshan Port to its south — has seen the number of high-tech enterprises expand from 254 to 1,493 in five years, and the total value of its four major industries, which are integrated circuits, artificial intelligence, biomedicine and civil aviation, surge at an annual rate of 34.1 percent. In addition, about 100,000 talented staff members have settled in the area, up 97 percent per year, Chen said.

Since its launch on Aug 20, 2019, the special area unveiled a series of benchmark innovations under strong support from the municipal government, which rapidly and effectively helped solve challenges and difficulties during the area's development, and greatly promoted the area's economic growth, said Chen Yanfeng, deputy director of the Shanghai Municipal Development and Reform Commission.

Chen said this year's municipal-level supportive measures consist of 16 items in five categories — to better utilize global high-end and innovative resources, build a complete scientific and technological innovation system covering the complete industrial chain, form key industries with global competitiveness, further explore high-level opening-up and improve mechanisms including optimizing the business environment and strengthening the rule of law.

"Looking forward, Shanghai will continue to support Lin-gang Special Area's explorations both in mechanism and practice, so as to make the special area a strong growth driver of the city's economic development," Chen added.

"Closely connected to Shanghai's international financial center development, the Lin-gang Special Area has launched a series of pioneering initiatives and opening-up measures over the past five years, and its achievements include the launch of a 20 billion yuan tech innovation fund," said Tao Changsheng, deputy director of the Shanghai Municipal Financial Regulatory Bureau.

"To better support the special area's high-standard opening-up in the financial area, the municipal government recently issued a 50-item implementation plan to speed up the area's financial sector high-standard opening-up and high-quality development," Tao said.

"The Lin-gang Special Area will firmly seize the great opportunities presented by the nation's further opening-up," said Chen Jinshan, director of the Lin-gang Special Area Administration.

"The area's further opening-up and innovation will be focused on high-level institutional innovation, advanced manufacturing, digital economic industry and the constant improvement of urban functions," Chen said.