Lingang makes strong gains, testing new policies and starting pilot projects
August 19, 2021
Since its launch in 2019, the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone has taken solid steps to establish itself as a special economic area with strong global market influence and competitiveness by 2035.
A "test field" for institutional opening up, Lingang, which has a startup area of 119.5 square kilometers and plans to expand to 873 square kilometers by 2035, has achieved breakthroughs in a number of key areas as it continues to test new policies and launch pilot projects to optimize its overall business environment.
In one of the latest moves, the People's Bank of China has vowed to back up Shanghai's trial in the free use of yuan, further facilitate the free flow of enterprises' trade and investment funds, and explore the free flow and free convertibility of capital in the Lingang Special Area, Wang Xin, director-general of the PBOC's Research Bureau, told a press conference held in July on Shanghai's further opening-up.