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Lin-gang Special Area is recommended to the world at 2nd CIIE

lgxc.gov.cn| Updated: Nov 7, 2019 L M S

Zhu Zhisong, deputy secretary-general of Shanghai Municipal Government and executive deputy director of Lin-gang Special Area of the China (Shanghai) Free Trade Zone, made a presentation on Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone at a Shanghai promotion convention during the second China International Import Expo (CIIE) in the city on Nov 6.

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The 2019 Shanghai City Promotion Convention takes place at Shanghai International Convention Center during the second China International Import Expo on Nov 6, 2019. [Photo/WeChat account: shlgguanweihui]

All-round policies of opening-up and innovation

Eight institutional innovations will be explored and implemented in Lin-gang Special Area.

Freedom of investment:

Lin-gang Special Area will increase the opening-up level of key areas such as telecommunications, insurance, securities, scientific research and technical services, education and health. It will also trial the implementation of a registration and confirmation system for commercial entities, and provide international legal services for foreigners.

Freedom of trade:

Lin-gang Special Area will establish a special comprehensive bonded zone in Yangshan Island, and implement a higher level of trade liberalization and facilitation measures benchmarking the internationally recognized and most competitive free trade zones.

Freedom of capitals:

Lin-gang Special Area will support cross-border financial activities, carry out the pilot function of integration of local and foreign currencies in the free trade accounts, steadily promote the convertibility of capital items, and assess opening-up measures in the financial industry.

Freedom of transportation:

Lin-gang Special Area will enhance and expand the functions of global hub ports, explore and further expand the opening-up and support in international ship registration, port of departure tax refunds and international shipping services.

Freedom of employment:

The restrictions on the employment of high-end talents in the modern service industry will be relaxed. More open and convenient policies and measures will be implemented in terms of the entry and exit of personnel, permanent residency of foreign talents, and employment qualifications.

Convenient access to information:

Lin-gang Special Area will strengthen the construction of internet infrastructure, promote the safe flow of cross-border data, and strengthen the protection of intellectual property and data.

Implementing special tax policies:

For core enterprises in fields such as artificial intelligence (AI), integrated circuits (IC), biomedicine and aerospace, corporate income tax will be levied at a reduced rate of 15 percent, and the tax burden difference of individual income tax for overseas talents will be subsidized.

Establishing a comprehensive risk management system:

Lin-gang Special Area will strengthen supervision in key areas, establish an integrated information management service platform, and strengthen credit breakdown management and border security.

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