Lingang Special Area surpasses top international standards

Lingang Special Area approached or surpassed the international top-level in terms of market access, construction permit handling, public facilities acquisition and dispute resolution last year, revealed the “2022 Business Environment Assessment Report of Lingang Special Area.”

The report published on Monday shows that the three indicators of registered property, international trade and tax payment in the special area have improved significantly, but the tax payment indicators still have a significant gap with the best practice areas such as Hong Kong and Singapore.

Access to financial services and corporate bankruptcy indicators score low due to restrictions of laws and regulations, according to the report.

Recently, Shanghai released version 6.0 of its business environment optimization plan, which clearly supports Lingang and other key areas in jumping ahead and taking the lead.

Lingang will combine its own national strategic tasks and functional positioning, promote reforms with higher standards, broader vision and greater efforts, to optimize the business environment and provide guidance and demonstration for Shanghai, said the plan.

Lingang will accelerate the exploration and expansion of the scope of application of the “one company, two sites” regulatory model and support more enterprises to enjoy more convenient customs clearance of good this year.

Meanwhile, the expansion of Yangshan Special Comprehensive Bonded Zone will be completed within the year, promoting the linkage development of bonded and port functions, and providing a greater development space for cross-border and offshore businesses.

The special area will also promote the establishment of international arbitration institutions and explore new arbitration rules, and give more tolerance for the development of cutting-edge industries and innovative enterprises.