Lingang to rival world's best zones
Lingang is expected to become China's answer to internationally recognized economic zones with the strongest competitiveness, such as Tokyo Bay, Singapore Marina Bay and Dubai Free Zone, according to the developer of the special area of the Shanghai free trade zone.
The Lingang New Area Economic Development Co, a subsidiary of the state-owned Lingang Group and a major developer of the special area, mapped out the blueprint on Friday to create a special economic functional zone with more international influence and competitiveness on the one hand and an open and innovative, intelligent and ecological town with the integration of industry and urban life on the other..
The future Lingang will become the Asia-Pacific cross-border capital service center and offshore settlement center for multinational enterprises amid the further opening-up of the new area in the financial sector, the company said.
It will also play a role as a cluster of new offshore trading headquarters thanks to the customized cross-border free trade policy.
Additionally, Lingang will further promote the development of high-end shipping services since it is key to Shanghai’s ambition to become an international shipping center. It will also become one of the best places in Shanghai for people to live and work, according to the company.
The core area of an open zone of modern services will be built to the north of Dishui Lake and cover nearly 20 square kilometers.
It will consist of a bay area where the Asia-Pacific headquarters of financial companies, trade firms, medical institutions, shipping and insurance companies gather, a 1-square-kilometer central business district featuring office buildings, R&D centers, incubators and investment banks, an offshore international trade community where duty free shopping, exhibitions and auction services are available, an international community and an area offering international medical, education and sports and recreation services.
Meanwhile, the Lingang industrial zone, with a planned area of 275 square kilometers, has become an icon of "Made in Shanghai" and plays a leading role in the expansion of China (Shanghai) Pilot Free Trade Zone.
It will become a manufacturing base for strategic emerging industries represented by civil aircraft power systems, integrated circuits, special equipment and green manufacturing.
At present, Lingang acts as a manufacturing hub for new energy equipment, ship components, marine engineering, vehicles and parts, large logistics and engineering machinery, civil aviation equipment and aircraft components.
Lingang also introduces a FTZ fund to invest in cutting-edge technology and business, such as integrated circuits, artificial intelligence, biomedicine and aerospace, to accelerate the development of hi-tech firms and help them access capital markets, such as listing on the STAR Market.