Committee suggests changes in Lingang Area

A report from the non-Communist party China National Democratic Construction Association's Shanghai Committee suggests the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone should improve its intelligent customs system and develop new modes of international trade, such as digital, offshore and service.

Lingang should help set standards for the cross-border digital trade industry, said Wang Shengyang, deputy head of the committee, at its annual Pujiang Innovation Forum.

The report also calls for speeding up the construction of a global luxury-goods distribution center and a trial run to trade in yuan, while loosening some restrictions on the high-end productive service industry.

It suggests reforming the investment management system in Lingang to accelerate the service industry's expansion, and improving the "firewall" function of the investment-security-review mechanism.

To create a pilot area of financial openness, the committee says Lingang can provide tax preferences and encourage local organizations to release financial products denominated in yuan offshore with overseas bodies.

It can also create comprehensive international-financial-asset exchanges for trial runs, as well as institutions for financial administrative supervision.

Lastly, the report says a special visa can be issued in Lingang enabling companies to hire foreign professionals and create a community for the world's top scientists.