Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone. [Photo/pudong.gov.cn]

With the approval of the CPC Central Committee and the State Council, Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone (hereinafter referred to as Lin-gang Special Area) was set up south the of Dazhi River and Pudong airport.

The development of Lin-gang Special Area is to start with Nanhui New Town, Lin-gang Equipment Industrial Zone, Xiaoyangshan Island and the southern part of Shanghai Pudong International Airport.

The establishment of Lin-gang Special Area is an important strategy for further opening-up made by the CPC Central Committee and an important measure to show China's strong commitment to all-round openness in the new era, as well as to actively lead the healthy development of economic globalization.

The special area is situated in southeast Shanghai, with Pudong airport to its north and Yangshan International Port to its south. It is an important node of the Shanghai Coastal Thoroughfare. Waterways, air routes, railways, highways, inland rivers and the subway constitute a convenient integrated transport system.

The special area is situated in southeast Shanghai, with Pudong airport to its north and Yangshan International Port to its south. [Photo/pudong.gov.cn]

Lin-gang Special Area will promote all-round opening-up on a higher level according to overall requirements and development goals.

By 2025, the special area plans to establish a relatively institutional system featuring the liberalization and facilitation of investment and trade, set up functional platforms with more openness, and become home to a cluster of world-class enterprises. The area's innovation and competitiveness as well as economic strength is expected to greatly improve by that time.

By 2035, Lin-gang Special Area seeks to become a special economic functional area with strong global market influence and competitiveness, foster more mature institutions, build core functions to allocate worldwide high-end resources, and become an important platform for China to integrate into economic globalization.

Benchmarked against free trade zones that are recognized as the most competitive in the world and based on the opening-up and innovation measures implemented in China (Shanghai) Pilot Free Trade Zone, Lin-gang Special Area will introduce opening-up policies and systems which are competitive in the global market, as well as intensify risk and pressure tests for an open economy.

Lin-gang Special Area promotes all-round opening-up on a higher level according to overall requirements and development goals. [Photo/pudong.gov.cn]

There will be facilitated investment and operation between the special area and overseas markets, as well as free import and export of goods, easier flow of funds, open transport, employment liberalization and convenient access to information.

Lin-gang Special Area will encourage high-quality international capital to enter public service fields, such as education, medical care, elderly care, culture and sports, park construction and urban operation. It will strengthen infrastructure development and management and enhance high-quality international urban service functions to build a modern new town featuring openness and innovation, intelligent ecology, integrated urban and industrial development, and a friendly living and working environment.