The Lingang Special Area of China (Shanghai) Pilot Free Trade Zone (FTZ) aims to become an epicenter of new-energy vehicles (NEVs), integrated circuits (ICs) and high-end equipment manufacturing by 2025, when its gross regional product is expected to be double the 2018 level, or an annual average growth of about 25%. The municipality's five-year development plan for Lingang aims to turn it into an influential and competitive zone in the global marketplace. The area, home to Tesla's Gigafactory Shanghai, would take the lead in making breakthroughs in multiple key areas and show the country's deep integration in economic globalization. The area is poised to capitalize on opportunities that result from the signing of the Regional Comprehensive Economic Partnership (RCEP) and serve as a testing ground for building up a more open economy.
In addition to plans to nurture three giant industrial clusters for NEVs, ICs and high-end equipment manufacturing worth CNY100 billion each, Lingang plans more investments in biopharmaceuticals, artificial intelligence and civil aviation. The area will also devote more resources into cross-border financial services, modern shipping services and digital information services. At least 10 top scientific laboratories will be set up in Ligang, with at least 100 top-caliber experts brought into the area. About 1, 000 high-tech firms will be set up.
Lingang was launched in August 2019, roughly six years after the launch of the Shanghai FTZ. It is located in southeast Shanghai, with Pudong International Airport to its north and Yangshan International Port to its south. Last year, the region's industrial output totaled CNY170.3 billion while its fixed-asset investment hit CNY61.82 billion, the Global Times reports.
