An aerial view of factory buildings in the Lingang area is seen in Shanghai on June 8, 2019
On August 6, 2019, China’s State Council, the cabinet, approved the establishment of a new area of the Shanghai Pilot Free Trade Zone (FTZ) – the Lingang New Area.
In addition, an overall plan was unveiled that explains how the new area will get built into a “special economic functional zone with strong international market influence and competitiveness”.
The Lingang expansion of the Shanghai free trade zone (FTZ) is officially unveiled on Aug 20, 2019
To meet this goal, Shanghai is setting up a special development fund to inject at least RMB 100 billion (US$14.2 billion) to construct the Lingang New Area over the next five years.
Tax breaks, such as a preferential rate of 15 percent on corporate income tax (CIT), and import duty exemptions will be offered to attract high-tech companies, talents, and infrastructure.
U.S. electric car maker Tesla's first overseas Gigafactory is under construction in the new Lingang area of the Shanghai Pilot Free Trade Zone
Lingang area is located in the southeast tip of Shanghai and is already home to over 500 projects, which include the presence of leading foreign companies like Tesla, General Electric (GE), and Siemens AG.
The administrative service center of the new Lingang area of the Shanghai Pilot Free Trade Zone
As per the latest plan, Lingang New Area will include a start-up area of 119.5 square kilometers, which can be divided into three parts: 76.5 square kilometers in the southern part of Lingang area, 24.7 square kilometers in the south area of Pudong International Airport, and 18.3 square kilometers in Lesser Yangshang Island.
An aerial view of factory buildings in the Lingang area is seen in Shanghai on June 8, 2019
In addition, an overall plan was unveiled that explains how the new area will get built into a “special economic functional zone with strong international market influence and competitiveness”.
The Lingang expansion of the Shanghai free trade zone (FTZ) is officially unveiled on Aug 20, 2019
The administrative service center of the new Lingang area of the Shanghai Pilot Free Trade Zone
