Authorities in Shanghai on Thursday announced a series of new measures to build the Lingang New Area, one of China's 21 free trade zones, into a high-tech innovation hub with globally competitive entrepreneurship.
The new measures cover eight services such as network access, financing, and overseas expansion support. They target eight key emerging industries, including core technology sectors, data processing, and cross-border healthcare.
In addition, the city offers rent-free office to startups and residential space to entrepreneurs in the Lingang New Area.
A number of leading universities, research institutes, financial institutions, and major enterprises have also partnered with the Lingang sci-tech city, aiming to create a tightly-knit industrial cluster.
At present, the Lingang New Area has gathered a group of firms in the integrated circuit sector in the hopes that upstream and downstream firms can form a collaborative ecosystem that facilitates resource sharing and innovation.
The 0.52 square-kilometer zone is also home to more than 20 tech firms and listed company headquarters.
Since its establishment six years ago, Lingang has signed 679 key projects in advanced technology industries, with total investment exceeding 730 billion yuan (about 100 billion U.S. dollars).
"Now, our country calls for the integration of industrial and technological innovation. The research and development community brings together institutions in the community, including scientific research institutes, leading enterprises, carriers of the community, along with funding, institutional innovation, and academic resources, to form a comprehensive entrepreneurial ecosystem," said Lu Yu, director of the development and reform department of the administrative committee of the Lingang New Area.
Shanghai rolls out new measures to build free trade zone into high-tech hub
Shanghai rolls out new measures to build free trade zone into high-tech hub
China's Minister of Commerce Wang Wentao outlined the key priorities of the 32nd Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, which opened on Friday in Suzhou, East China's Jiangsu province.
In an interview with CGTN ahead of the two-day meeting, Wang said free trade, digital cooperation and green economy are high on the agenda of the meeting.
"The key areas include advancing regional economic integration and the Free Trade Area of the Asia-Pacific, supporting the World Trade Organization (WTO) in strengthening digital cooperation and developing green economy. At present, the international situation is marked by intertwined turbulence and chaos, with intensified geopolitical instability. The rise of unilateralism and protectionism poses serious challenges to the international economic and trade order, disrupting global and Asia-Pacific development. Against this backdrop, all parties have higher expectations for this trade ministers' meeting, hoping that it can build consensus and deliver outcomes," Wang said.
This year marks China's third time hosting the APEC meetings and the 35th anniversary of its membership.
By 2025, China had become the largest trading partner of 13 APEC economies. Trade between China and APEC economies reached 3.7 trillion U.S. dollars, accounting for 57.8 percent of China's total foreign trade.
China has signed 24 free trade agreements or economic and trade arrangements with 31 countries and regions, including 15 APEC economies. In recent years, China has also completed upgrades of free trade agreements with APEC economies such as Singapore and Peru.
The minister said that China has always been a firm supporter and an important contributor to APEC.
"We have actively shared our vast market and development opportunities with all parties. China's door to the world will only open wider and wider. Facing the common challenges, China will continue to fulfill its responsibilities as a major country, further deepen reform, expand high-standard opening-up, and continue to provide new opportunities for the Asia-Pacific region and the world with its new achievements in Chinese modernization," the minister said.
China's Commerce Minister outlines priorities for 32nd APEC trade ministers' meeting
