Sign of the times: The striking Innovation Crystal complex (Chuang Xin Jing Ti) is a unique landmark in the Lin-gang Special Area. [Photo/WeChat ID: lgqyfwj]

The Lin-gang Special Area – located in East China's Shanghai – has set itself the ambitious target of 20 percent year-on-year growth in GDP in the current year, far more than the city's 5 percent.

That indicates the area's increasing role as a growth pole of the city, according to the 2023 working goals recently issued by local administration.

Industry enterprises above a designated size – those with annual turnover of 20 million yuan ($3.1 million) or more – are projected to see an increase of 20 percent in their combined output value during the period.

Total investment in fixed assets is predicted to increase by 10 percent year-on-year and total annual tax revenue is seen rising 20 percent. The growth target for imports and exports at the Yangshan Free Trade Zone is set at 20 percent.

Meanwhile, the area plans to further develop scientific and technological innovation sources. It will promote the construction of top-level laboratories, such as the WLA Laboratories, as well as roll out new regulations to facilitate local sci-tech innovation.

The number of local specialized and sophisticated enterprises that produce new and unique products is predicted to increase by 50 to no less than 150.

Furthermore, high-tech enterprises are projected to increase by 300 to over 1,000. "Little giant" firms – small enterprises still in the early stages of development – are seen increasing by 16 to over 50 and State-level little giant firms are predicted to increase by three to over 12.

The special area also aims to optimize its planning for cutting-edge industries such as new materials. Leading enterprises are being encouraged to go global to attract investment.

An auto industrial park featuring automobile electronics will be built which will house applications scenarios for automatic driving. Total investments in cutting-edge industries are expected to reach 100 billion yuan.

The area is accelerating the construction of an international financial assets trading platform. Local banks are being encouraged to provide bigger lines of credit to cutting-edge industries and high-tech firms. As a result, the special area aims to bring in 100 financial institutions and investment enterprises this year.

Moreover, it is moving to propel international trade in platinum group metals and offer stronger industrial support – and to improve its market services for that industry. The annual offshore trade volume is scheduled to rise by 30 percent and an international financial trade service center is expected to start construction.

The Yangshan Free Trade Zone will be expanded and the construction will be completed. The filling capacity of bonded oil and bonded LNG is predicted to reach 1 million tons and 250,000 cubic meters, respectively.

The international container slot trading platform will be under normal operations and the trading volume will be worth over 1 billion yuan. The zone will nurture and develop industries – such as bonded maintenance, bonded processing and manufacturing and bonded R&D and design. The imports and exports from the bonded maintenance business are expected to reach 1 billion yuan or more.

The construction of the Yangshan Free Trade Zone will be speeded up. The annual revenue of enterprises in the zone is predicted to reach 630 billion yuan, while the annual throughput of Yangshan Port is forecast to top 200 million twenty-foot equivalent units, or TEUs, the standard measurement of freight containers. Warehousing facilities for cross-border e-commerce are also under construction.