Lin-gang Special Area sets to celebrate its fifth anniversary on Aug 20, 2024. [Photo/lingang.gov.cn]

As Shanghai's Lin-gang Special Area marks its fifth anniversary, the region has witnessed remarkable economic growth and development.

The area's GDP has grown at an annual average of 19.8 percent, with industrial output now accounting for over 10 percent of Shanghai's total. Bulk trade has also surged, the sales of goods above the threshold of 20 million yuan in annual revenue maintaining a rapid annual growth rate of 26.5 percent. In 2023, these sales surpassed 660 billion yuan ($90.88 billion).

Lin-gang's rapid development is evident in its growing urban landscape. In the first half of this year, the area attracted 23,700 talented professionals, a 41.9 percent increase compared to last year, and welcomed nine new headquarter enterprises, bringing the area's total to 74.

Key platforms such as the International Financial Asset Exchange, International Reinsurance Trading Center, and Petroleum and Gas Exchange Center further enhance Lin-gang's role as a hub for special economic functions.

The area's unique free trade advantages have led to significant growth in new international trade models, such as offshore trading, with transaction volumes rising by 156.2 percent in the first half of 2024.

Additionally, high-end shipping activities have flourished in the area, with Yangshan Port handling over 2.44 million twenty-foot equivalent units or TEUs in international transshipment and consolidations, up 28.6 percent. The port also saw substantial increases in bonded oil and liquefied natural gas, or LNG refueling volumes, rising by over 140 percent year on year.

In the financial sector, cross-border receipts and payments exceeded $90 billion for the first time in H1, highlighting increased financial fluidity.

The area's commitment to innovation is also evident in its burgeoning digital economy. As of the end of June, there were 473 small and medium-sized enterprises (SMEs) in the area recognized at the municipal level as "specialized, refined, distinctive, and innovative" (SRDI). Additionally, 26 companies were recognized as SRDI "Little Giants" on a national level. These "Little Giants" are the top-performing SMEs within the SRDI category, distinguished by their focus on niche markets, strong innovation capabilities, high market share, mastery of key core technologies, and superior quality and efficiency.

The revenues of core industries in the digital economy reached 20.74 billion yuan, up 61.6 percent. The sector was driven by local companies investing more in research and development and exploring new opportunities in the digital economy.

Looking ahead, Lin-gang Special Area aims to strengthen its unique economic features and lead the way in high-quality development, serving as a testing ground for new policies and innovations that can be replicated nationally.