Three years on: Lin-gang Special Area achieves huge results

An early evening view of the dynamic Lin-gang Special Area. [Photo by Liu Guoxing for CHINA DAILY]

The succession of major breakthroughs achieved by the Lin-gang Special Area – since it was founded three years ago, to become a major powerhouse of development – were proudly recounted on Aug 8 by one of the city's top officials.

At a news conference, Shanghai's Vice-Mayor Wu Qing reported on the landmark achievements that came in the wake of the establishment of the special area on Aug 20, 2019.

The big breaks were made in six key areas: freedom of investment, trade, capital, transport and employment, as well as in the secure and orderly flow of data.

Over the past three years, Lin-gang has liberalized investment and attracted a raft of projects. The first joint venture financial management firm in China, for example, set up operations there.

Lin-gang also took the lead in piloting policies to strengthen fair competition and was the first to implement a registration and confirmation system for business entities in China.

To achieve freer trade, the Yangshan Free Trade Zone, located in the southeast corner of Lin-gang, rolled out a new customs supervision system to further boost the opening-up and has launched innovative businesses.

Several initiatives have been undertaken in Lin-gang to realize the easier flow of funds. The special area has piloted the cancellation of foreign direct investment in renminbi special account for capital, the cross-border transfer of domestic trade financing assets and trials to reform foreign debt registration and administration.

It has also promoted the development of international financial assets transactions platforms, a national commodity warehouse registration center and Dishui Lake Financial Bay – featuring cross-border finance and offshore finance.

A worker operates a forklift truck at Yangshan Deep Water Port, one of Shanghai Port's main units. [Photo/China Daily]

In order to improve its freight system, Lin-gang has launched international shipping registration operations and freed up the coastal piggyback system for the shipping of foreign trade containers between ports within China. The container throughput of the massive Shanghai Port last year topped 47 million TEUs or twenty-foot equivalent units – the benchmark container size – ranking its first in the world for the 12th consecutive year.

In addition, Lin-gang has promoted the construction of an immigration policy practice center and explored an implementation mechanism for e-visas at ports and tried out a more convenient and open permanent residence policy for foreign staff.

To make data flow more securely and freely, a special channel for international internet data has started operating and a new type of super-efficient internet exchange center has been established in Lin-gang.

A public service management system for cross-border data flows has also been established.

"Moving forward, we plan to increase tests of risks, evaluate and summarize the work in the past three years – as well as unveil several policies and measures to support Lin-gang to build an independent, comprehensive coastal city and a three-year action plan for the development of the Lin-gang Special Area," said Shanghai Vice-Mayor Wu Qing.