The Lingang Special Area of Shanghai Free Trade Zone, a window for the rest of the world to learn about China's opening up policies, signed cooperation contracts with 16 high-level shipping service companies on Sunday, as a major step in building the Chinese metropolis and financial center into an international shipping hub.

The signed projects have a total investment of more than 6 billion yuan, or 830.5 million U.S. dollars, covering ship transportation and management, as well as digital, intelligent, green and low-carbon shipping services.

"As a key instrumental area for constructing Shanghai as an international shipping center, the Lingang Special Area focuses on building itself into a high-level shipping service industry agglomeration center, promoting the institutional opening-up of rules and management standards, and gathering various navigation elements resources to create a good industrial ecological environment suitable for the development of shipping enterprises and gather enterprises to seek greater development in this new area of Lingang, so as to support the building of Shanghai into an international shipping center," said Zhao Yihuai, deputy director of the Lingang Special Area Administration.

The Lingang Special Area in southeastern Shanghai is the second expansion of the Shanghai Pilot Free Trade Zone. It was officially launched in August 2019, with many expecting the area to become a new driver for China's further opening-up.

With Shanghai's Pudong Airport to its north and the large container hub Yangshan International Port to its south, the Lingang Special Area is an important node of the city's logistics system integrating highways, railways, waterways and air routes.

The area aims to establish a relatively institutional system featuring the liberalization and facilitation of investment and trade, set up more open functional platforms, and become a cluster of world-class enterprises by 2025.

Source: CCTV

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