Since its establishment in 2019, the Lin-gang Special Area in Shanghai has emerged as an important testing ground for new business models. Over the past year, the area has strengthened its efforts to promote high-level institutional openness.

By leveraging the policy that allows foreign-owned coastal feeder services, Yangshan Port has seen a 19.2 percent increase in its international transit and consolidated cargo volume in the first half of the year, enhancing its status as a global shipping hub.

Furthermore, the port has pioneered green transformations in the shipping industry, undertaking China's first biofuel oil bunkering for international vessels and first large-scale bunkering of domestically produced methanol.

The Yangshan Free Trade Zone, located within Lin-gang, aims to establish itself as a demonstration area for new types of trade. Innovative business models such as linking the spot and futures markets, as well as bonded delivery, have been trialed in the zone, helping companies navigate changes in the global market.

Statistics show that from January to July this year, Yangshan FTZ's imports and exports exceeded 211 billion yuan ($29.65 billion), up 32 percent year-on-year.

The Yangshan Free Trade Zone aims to become a demonstration area for new types of trade. [Photo/Jiefang Daily]

The International Maritime Service Hub in Lin-gang is meant to solidify Shanghai's status as an international shipping center. It houses numerous shipping companies and offers integrated services covering government affairs, green, intelligent, and digital shipping development, and high-end talent training.

The International Maritime Service Hub in Lin-gang offers integrated shipping services. [Photo/Jiefang Daily]

Notably, the center facilitated the world's first fully digitalized bunkering process, significantly improving efficiency and reducing idle times for vessels, potentially saving Shanghai Port over 100,000 hours of queuing time annually in the future.