Lingang plan looks to build on business success

Lingang plans to replicate the "Tesla miracle" among businesses in the special area of the Shanghai free trade zone, in line with efforts to further optimize the business environment.

From the building of Tesla’s Gigafactory 3 in Lingang to the iconic Model 3 being delivered to consumers, all that happened within a year. Now, Lingang authorities have issued details to help more local enterprises make their dreams come true.

In the coming three years, all investment projects launched in Lingang will have the government approval process streamlined. Services will also be improved.

Innovative measures will focus on business registration, foreign laws, talent services, international trade, capital flow, infrastructure support, tax reductions and entrepreneurship to maximize the convenience of business activities in Lingang.

For instance, government verification will replace government approval in business registration; while a cancellation system will be established at the same time.

For the convenience of recruiting overseas talent, foreigners invited to work for Lingang-based companies can apply for a visa online and enter the city through an e-visa issued by the Shanghai exit-entry administration.

Meanwhile, Lingang will also implement the 3.0 version of Shanghai's plan to create a world-leading environment for business.

The new plan emphasizes the promotion of a one-stop online platform for government services, improving the city's performance in the World Bank's Doing Business assessment, and providing a package of policies and measures to strengthen, protect and stimulate the vitality of market entities.

Lingang is expected to become the Chinese answer to internationally recognized economic zones such as Tokyo Bay, Singapore Marina Bay and Dubai Free Zone, according to an overall blueprint for the development of the port town on the East China Sea.

At present, Lingang has become an icon of "Made in Shanghai" and plays a leading role in the expansion of China (Shanghai) Pilot Free Trade Zone.

In the future, Lingang will become an Asia-Pacific cross-border capital service center and offshore settlement center of multinational enterprises amid the further opening-up of the new area in the financial sector.

It will also feature 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 service since it is a key to Shanghai’s ambition to become an international shipping center.