China expands Shanghai FTZ for further opening-up, globalization
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E-mail Xinhua, August 7, 2019
Opening-up, innovation leader
The plan says the new area will be granted greater administration power for self-development, self-reform and self-innovation, and regularly promote its experience to spearhead a new round of reform and opening-up of the Yangtze River Delta.
Apart from serving the Belt and Road Initiative and the Yangtze River Economic Belt, the new area is also designed to promote the coordinated development, reform and opening-up of the Yangtze River Delta, said Wang.
The Lingang area, home to Tesla's gigafactory, has become a cluster of high-end industries after more than a decade of development, and it now emphasizes the development of key industries like integrated circuits, AI, biomedicine and civil aviation.
China's economy faces complicated external situations and to improve industrial competitiveness and move up the value chain, the boost of scientific and technological innovation capacity is the only way, said Yin Chen, secretary general of the Shanghai Free Trade Zone Comprehensive Research Institute with Fudan University.
With more openness, the new area can boost Shanghai's high-end resources allocation ability and better represent the country to take part in global cooperation and competition, said Yin.
Boon for businesses
The addition of the new area to the FTZ is a boon for both domestic and foreign businesses.
"The new tax policy support will help speed up the commercialization of autonomous driving,"said Xue Jiancong, vice president of TuSimple, an AI company registered in Lingang that received the country's first open road testing license for trucks.
"We hope that the new policies will help promote the free flow of auto parts,"said Song Feng, president of Caterpillar Remanufacturing Services (Shanghai) Co., Ltd., citing current restrictions on imports of old machinery parts.
Yu Bo, a tax partner at accounting firm PwC, said China has been rolling out institutional reforms over the past years to allow domestic institutions in alignment with international standards.
China, among the top three investment destinations with the biggest development potential for business executives worldwide in an PwC survey, should continue to improve the business environment for foreign investment and conduct more institutional reforms to promote the higher-level opening-up, said Yu.
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