Shanghai FTZ opens new area

CNC
Added On August 22, 2019

During the launching ceremony on Tuesday, the new area issued its first business license to Shanghai Lingang New Area Economic Development Co., Ltd.
 
The company, with an initial registered capital of 283 million U.S. dollars, which will be responsible for a host of tasks in this area, including the construction, industrial introduction, and investment attraction.
 
The new Lingang area has a start-up area of 119.5 square kilometers.
 
A local official said the new Lingang area aims at opening up to the outside world at the highest level, creating experimental reform and opening up fields best suited to innovation and breakthroughs, and building a free and open economic system.
 
According to its development plan, the new area will have a relatively mature institutional system of investment and trade liberalization and facilitation by 2025.
 
By 2035, it will be built into a special economic function zone with strong global market influence and competitiveness, becoming an important platform for China to integrate into economic globalization.