The Lin-gang Special Area in Shanghai hosted a special event focusing on its efforts as a free trade zone to promote high-level opening-up on Nov 7, during the eighth China International Import Expo.

The event was attended by over 300 participants, including government officials and representatives from international organizations, as well as business executives from multinational company headquarters, financial institutions, companies in the shipping trade, technological innovation, and legal services sectors.

During the event, representatives from enterprises operating in Lin-gang, such as Tesla, SBI China, and Sunriver Holding Group, shared their experiences in the special area. They highlighted that by leveraging Lin-gang's highly open business environment, they have achieved breakthroughs in market expansion, capacity upgrades, and industrial chain cooperation, resulting in stronger competitiveness and sustainable development capabilities.

Addressing the event, Sheng Qiuping, China's vice-minister of commerce, noted that over the past six years since Lin-gang Special Area was launched, it has pioneered a series of innovative and leading institutional reforms, implemented cost-reducing and efficiency-enhancing policies, and developed efficient and transparent management practices.

The area has established a system centered on the free flow of trade, investment, capital, human resources, and secure data, he said.

The Cross-border Financial Center in Lin-gang Special Area, Shanghai. [Photo/lingang.gov.cn]

Noting Lin-gang has proactively aligned with rules of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA), Sheng said, it has experimented with over 100 mature pilot experiences for broader replication and promotion.

He added that the area has continuously made new breakthroughs in key areas such as value-added telecommunications, biotechnology, financial innovation, offshore trade, and cross-border data flow.

A panoramic view of the International Data Economic Industrial Park in Lin-gang. [Photo/lingang.gov.cn]

The Ministry of Commerce, alongside relevant departments and the Shanghai municipal government, will continue to support Lin-gang Special Area in thoroughly implementing the free trade zone enhancement strategy, Sheng said.

The Dishui Lake Financial Bay in Lin-gang. [Photo/lingang.gov.cn]

Chen Jinshan, director of the Lin-gang Special Area Administration, outlined the area's development at the event. He emphasized that Lin-gang will intensify its efforts to implement the free trade zone enhancement strategy, focusing on promoting higher-level institutional opening-up, strengthening special economic functions, and optimizing a market-oriented, law-based, and world-class business environment.

The goal is to make Lin-gang the preferred destination for foreign enterprises in China and a bridgehead for Chinese companies seeking to go global, while also demonstrating the area's role and responsibility in facilitating domestic and international dual circulation, Chen said.