The China (Shanghai) Pilot Free Trade Zone (FTZ) Lingang Special Area has attracted an increasing number of foreign investors and strengthened domestic companies' global competitiveness through improvements to its business environment.
Since the establishment of this special area in 2019, efforts have been made to optimize management and services for foreign investment while fostering innovation in manufacturing, finance, and telecom sectors. These initiatives have facilitated the global operations of cross-border companies.
Over the past five years, the area's annual contribution of direct foreign investment has increased by 45.3 percent, while the import and export trade volume has grown by 37.5 percent. More than 100,000 companies have been established in the area during this period.
Among these, Tesla's massive battery factory has completed over 45 percent of its construction within only three months. The new factory is located near Tesla's Shanghai Gigafactory, which is the U.S. carmaker's first gigafactory outside the United States.
"The projected production capacity is 40 gigawatt hours. Its design reflects our confidence in both the Chinese market and the global energy storage market," said Tao Lin, vice president of Tesla China.
Meanwhile, the Lingang Special Area has accelerated efforts to promote companies on a global scale. In June this year, the country's first Going Global Comprehensive Service Platform was launched. Combining online and offline methods, this one-stop service platform provides cross-border finance, foreign insurance, legal arbitration, and talent cooperation services, assisting companies in expanding internationally.
"The Going Global Comprehensive Service Platform is pioneering the service sector. Through it, various online comprehensive service platforms have emerged. We aim to offer ecological, diverse, and comprehensive services," said Sun Canglong, manager of the service platform operation at Lingang Special Area.
Shanghai's Lingang Special Area promotes foreign investment by improving business environment
Shanghai's Lingang Special Area promotes foreign investment by improving business environment
