Coastal hub upgraded in trade zone expansion
Shanghai's free trade zone (FTZ) is being expanded to include Lin-gang on the city's southeast coast, where Tesla is building its first overseas factory and the world's largest planetarium is under construction.
The Ministry of Commerce and city officials formally announced on Aug 6 that the China (Shanghai) Pilot Free Trade Zone will expand from 120 square kilometers to 240 sq km. It is the second expansion since the zone was created in September 2013.
Lin-gang will be given greater access to and control over autonomous development, autonomous reform and autonomous innovation, Wang Shouwen, vice-commerce minister, told a news conference in Beijing.
Wang vowed to support Lin-gang in intensifying institutional innovation, carrying out high-standard and high-quality development, accelerating the formation of a more mature institutional and management system, and inspiring local businesses to expand into international markets.
Chen Yin, executive vice-mayor of Shanghai, said Lin-gang had a certain development space, excellent international transport conditions, and easy-to-implement risk prevention and control measures.
"The transport situation in Lin-gang is very advantageous," Chen said. "With the support of Yangshan Deep-water Port, Pudong International Airport, railways, highways, rail transit and high-grade inland waterways, Lin-gang has the best transport setup among free trade zones throughout the world. They can give full play to the international transport hub of Yangshan Deep-water Port and Pudong airport to support trade and industrial development."
Chen also said that the special customs supervision areas and industrial parks such as equipment manufacturing, research and development (R&D), innovation and financial services will forge ahead of their competitors.
"They have better industrial foundations and supporting conditions, and are conducive to the implementation of new policy and institutional reforms," Chen added.
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