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Shanghai free-trade zone (FTZ) is the first Hong Kong-like free-trade area in mainland China. The Shanghai FTZ will first span 28.78 square kilometres in the city's Pudong New Area, including the Waigaoqiao duty-free zone and Yangshan port and it is believed it may eventually expand to cover the entire Pudong district, which covers 1,210.4 sq km of land.
The State Council, China’s cabinet, has urged Shanghai to further simplify customs procedures and liberalise financial markets to spur cross-border cargo and capital flows in the Lingang free-trade zone.
The Chinese President’s itinerary included a futures exchange, technology fair and affordable housing project signalling some of the main items on his agenda.
Politburo holds monthly meeting but makes no mention of when the party’s much-anticipated plenum will take place.
The International Data Economy Industrial Park aims to attract more than 100 leading data companies with a combined output of over 100 billion yuan by 2025.
Premier Li Qiang concluded a two-day inspection of Shanghai’s free-trade zone on Thursday, saying the markets are ‘still tasked with important missions’ amid China’s slowing post-Covid recovery.
Shanghai has approved another seven institutions – including IDG Capital and Brookfield – for the QFLP scheme, which allows foreign funds to buy shares in unlisted companies and launch yuan-denominated venture-capital products.
Shanghai currently has the largest number of intelligent chip-design enterprises in China, but it lacks top algorithm talent, experts said.
Shanghai Mayor Gong Zheng on Sunday said more economic sweeteners, such as tax cuts and government subsidies, are now in the works to address the problems faced by the city’s small businesses.
Shanghai’s economy, battered by lockdowns this year, will grow at least 6 per cent in 2023 as China’s exit from its zero-Covid policy ushers in a wave of foreign capital, according to an economic adviser.
Tesla’s Shanghai factory is assembling 1,000 vehicles a day – just half of its output before the city’s latest Covid-19 outbreak – after resuming work this week
China’s property easing measures have reached Shanghai, the site of its worst Covid-19 outbreak, as Beijing tries to bolster the world’s second-largest economy.
Shanghai authorities are taking no chances with the highly transmissible Omicron variant, vowing to track down, quarantine and deal with every single case to achieve its “dynamic zero” Covid-19 policy.
Most of the 20,000 Covid-19 infections recorded are asymptomatic, but authorities are taking no chances in an economy that is already expected to slow this year from last year’s 8.1 per cent clip.
Government will subsidise up to 30 per cent of investment in semiconductor materials and equipment projects in the city.
Semiconductor Manufacturing International Corporation is building a chip fabrication plant in Shanghai’s free-trade zone, joining other planned fabs, amid Beijing’s push to advance the semiconductor industry.
China will halve the tax rates for qualified technology companies in Shanghai’s Pudong district and grant the local government greater freedoms in making its own legislation and liberalising the capital markets.
The grand plan is already attracting early investors to cherry-pick on the best land plots and most promising districts.
Shanghai’s efforts to build itself into an international financial hub suffered a blow when Beijing granted greater autonomy to Shenzhen, according to analysts.
The Shanghai government is pulling out all stops to draw foreign investment to the Lingang free-trade zone, with the aim of driving up its annual industrial output to 600 billion yuan (US$86.7 billion) by 2022.
The wait for Model 3s has dropped to just two weeks for Tesla’s mainland fans, after production was ramped up at the Shanghai plant.
As questions linger over Hong Kong’s status as a global finance hub, China’s decades-old quest to make Shanghai the country’s premier financial centre has gained a bit of momentum, but large obstacles remain.
Shanghai will give its North Bund a facelift, turning the 3.3 square kilometre waterfront area into another Lujiazui, as part of efforts to shake off worries about economic underperformance amid the coronavirus pandemic.
Shanghai is aiming for 6 per cent growth this year, its mayor told the local legislature on Wednesday. The city, mainland China’s business hub, will tap foreign investment and bolster exports in 2020 following the signing of a phase one deal between Beijing and Washington.
Shanghai’s entire bonded territory at Yangshan and Lingang measures 137.8 square kilometres (53.2 square mile), larger than the combined area of Kowloon and Hong Kong Island.
Shanghai will offer subsidies of as much as 30 million yuan a year to companies developing software used for designing advanced integrated circuits that serve as the brains of everything from electric appliances, smartphones and computers to sophisticated medical equipment, cars and aircraft.
Shanghai mayor Ying Yong says additional tax incentives would be rolled out at expanded free-trade zone in the hope of turning it into a ‘modern city’ with the greatest level of openness.
Shanghai’s Lingang free-trade zone, home to Tesla’s Gigafactory 3, said on Thursday it had signed 24 automotive industry-related deals worth a combined 8 billion yuan (US$1.1 billion).