https://www.scmp.com/rss/308879/feed 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. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Frank Chen Frank Chen The Communist Party of China is about to hold its much-delayed third plenum, traditionally a time for unveiling major economic strategies for the next five to 10 years. Ahead of the July 15-18 gathering, this final piece in a six-part preview series examines China’s reform progress and related structural changes in the past decade. By throwing Shanghai’s doors open with the launch of a free-trade zone in 2013, Chinese leaders put an ambitious economic engine into gear, with vows to create a... https://www.scmp.com/economy/china-economy/article/3268235/how-chinas-reforms-went-arms-wide-open-eternal-theme-risk-prevention-past-decade?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3268235/how-chinas-reforms-went-arms-wide-open-eternal-theme-risk-prevention-past-decade?utm_source=rss_feed Thu, 27 Jun 2024 22:00:15 +0000 Some Chinese shipbuilders who saw opportunity in anchoring their business to orders from Russia are being forced to adapt amid pressure from Western sanctions imposed on Moscow, with shipyards in eastern China severing long-standing ties with their Russian buyers in recent weeks, according to a major company and domestic media reports. The moves come two years after five Chinese companies were told they would need to stop work on Russia’s Arctic-LNG 2 project in northern Siberia, due to... https://www.scmp.com/economy/china-economy/article/3268322/china-shipbuilders-cast-russia-yielding-western-sanctions-after-blacklisting?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3268322/china-shipbuilders-cast-russia-yielding-western-sanctions-after-blacklisting?utm_source=rss_feed Thu, 27 Jun 2024 14:30:08 +0000 Shanghai on Friday released a white list to expedite cross-border data transfers for companies that operate in its pilot free-trade zone, including electric vehicle maker Tesla, providing a much-needed boost for the country’s efforts to retain and reel in more international business. The first batch of this “general data” list, which covers 64 categories, will enable enterprises involved in intelligent connected vehicles, publicly offered funds and biopharmaceuticals to make data transfers... https://www.scmp.com/tech/policy/article/3263143/shanghai-releases-white-list-expedite-overseas-data-transfers-tesla-other-firms-citys-free-trade?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3263143/shanghai-releases-white-list-expedite-overseas-data-transfers-tesla-other-firms-citys-free-trade?utm_source=rss_feed Fri, 17 May 2024 13:06:54 +0000 In a step towards freer cross-border data flows and to address the concerns of foreign businesses, Shanghai inaugurated a major data flow service centre in the Lingang free-trade zone on Sunday, with pledges to adopt internationally recognised standards. The centre will seek data cooperation agreements with Singapore and New Zealand, as well as countries involved in Brics economic cooperation bloc and Beijing’s signature Belt and Road Initiative, with applications including electronic invoices... https://www.scmp.com/economy/global-economy/article/3258242/shanghais-data-flow-centre-walks-talk-promises-international-standards-chinas-foreign-firms-need?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3258242/shanghais-data-flow-centre-walks-talk-promises-international-standards-chinas-foreign-firms-need?utm_source=rss_feed Mon, 08 Apr 2024 13:27:47 +0000 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 240 square kilometre Lingang free-trade zone (FTZ), a week after President Xi Jinping’s visit to the city. According to an operating guide on the development of the FTZ, cross-border trading of asset-backed securities and use of the digital yuan will be conducted on a trial basis in Lingang, mainland China’s first... https://www.scmp.com/business/china-business/article/3244267/chinas-cabinet-urges-shanghais-hong-kong-style-lingang-free-trade-zone-deepen-reforms?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3244267/chinas-cabinet-urges-shanghais-hong-kong-style-lingang-free-trade-zone-deepen-reforms?utm_source=rss_feed Thu, 07 Dec 2023 13:00:13 +0000 Chinese President Xi Jinping is making his first visit to Shanghai since 2020, state media reported on Wednesday, on a trip that highlights some key aspects of his policy agenda in areas such as finance, technology and welfare. On Monday, the Post was the first to report that Xi would be visiting the city this week. Sources familiar with the matter said he had postponed his visit, after originally planning to make it his first stop on his way back from the United States, where he met Joe Biden... https://www.scmp.com/news/china/politics/article/3243278/chinese-leader-xi-jinping-showcases-policy-priorities-first-trip-shanghai-2020?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3243278/chinese-leader-xi-jinping-showcases-policy-priorities-first-trip-shanghai-2020?utm_source=rss_feed Wed, 29 Nov 2023 14:06:41 +0000 An all-important Communist Party session that had been expected to set China’s development strategy and priorities has been further delayed, with the top leadership stopping short of announcing a date. The Politburo was expected to announce a date for the conclave – the third plenary session of the 20th Central Committee – when the leadership gathered for its monthly meeting on Monday but there was no mention of the plenum in the Politburo’s statement. Instead, the 24-man decision making body... https://www.scmp.com/business/china-business/article/3242911/chinas-president-xi-jinping-visit-shanghai-tuesday-his-first-trip-nations-commercial-hub-2021?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3242911/chinas-president-xi-jinping-visit-shanghai-tuesday-his-first-trip-nations-commercial-hub-2021?utm_source=rss_feed Mon, 27 Nov 2023 04:06:43 +0000 Shanghai has opened an expansive industrial park focusing on the data industry, as the city pushes forward its ambitious three-year digital economy blueprint as part of China’s efforts to boost digital trade. The International Data Economy Industrial Park, located in the pilot free-trade zone of Lingang, is tasked with “implementing safe and orderly cross-border flows of international online data”, according to a policy document unveiled by Lingang officials at the International Data Economy... https://www.scmp.com/tech/policy/article/3239452/shanghai-opens-data-economy-industrial-park-pilot-free-trade-zone-lingang-amid-chinas-ai-push?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3239452/shanghai-opens-data-economy-industrial-park-pilot-free-trade-zone-lingang-amid-chinas-ai-push?utm_source=rss_feed Fri, 27 Oct 2023 10:30:16 +0000 Premier Li Qiang has called on free-trade pilot zones to be the “leading goose” in driving China’s economic development and cementing relations with foreign investors and international markets at a time of increasing economic rivalry with the United States. Li concluded a two-day inspection of Shanghai’s free-trade zone on Thursday, which was his first trip since being named premier in March. It came as China’s slowing post-Covid recovery has fuelled market calls for immediate policy solutions,... https://www.scmp.com/economy/china-economy/article/3229298/chinas-free-trade-zones-still-tasked-leading-goose-role-drive-economic-development-boost-foreign?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3229298/chinas-free-trade-zones-still-tasked-leading-goose-role-drive-economic-development-boost-foreign?utm_source=rss_feed Fri, 28 Jul 2023 14:30:14 +0000 Shanghai has approved another seven institutions – including IDG Capital and Brookfield – for the qualified foreign limited partners (QFLPs) investment scheme, which allows foreign funds to buy shares in unlisted companies and launch yuan-denominated venture-capital products. A signing ceremony was held on the sidelines of the Lujiazui Forum, the mainland’s most influential financial conference, which normally draws China’s top financial and securities regulators, as well as top bankers and... https://www.scmp.com/business/china-business/article/3223439/qflp-scheme-idg-capital-brookfield-among-7-firms-granted-access-shanghai-unlisted-firms?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3223439/qflp-scheme-idg-capital-brookfield-among-7-firms-granted-access-shanghai-unlisted-firms?utm_source=rss_feed Thu, 08 Jun 2023 12:55:26 +0000 Shanghai is doubling down on its ambitious plan to attract tens of thousands of technology workers to the city, as it strives towards its goal of becoming a key centre of China’s artificial intelligence (AI) industry amid intensifying rivalry with the United States and a technological arms race triggered by the AI chatbot ChatGPT. During the annual two-day Global AI Developer Conference held over the weekend in the Lingang Special Area, part of Shanghai’s free-trade zone, government officials... https://www.scmp.com/tech/policy/article/3211596/shanghai-renews-call-global-talent-join-its-ai-industry-amid-us-china-tech-war-chatgpt-frenzy?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3211596/shanghai-renews-call-global-talent-join-its-ai-industry-amid-us-china-tech-war-chatgpt-frenzy?utm_source=rss_feed Sun, 26 Feb 2023 10:30:10 +0000 Shanghai, the financial and commercial hub of China, has pledged to roll out more relief measures to support ailing small businesses hit hard by past pandemic curbs, as the metropolis pursues a consumption-led economic recovery this year. That commitment was made on Sunday by Mayor Gong Zheng, who said economic sweeteners like tax cuts and government subsidies are in the works in line with the city’s goal this year to achieve a gross domestic product (GDP) growth rate of 5.5 per cent. “Local... https://www.scmp.com/business/china-business/article/3206904/shanghai-pledges-tax-cuts-government-subsidies-ailing-small-businesses-city-sharpens-focus-economic?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3206904/shanghai-pledges-tax-cuts-government-subsidies-ailing-small-businesses-city-sharpens-focus-economic?utm_source=rss_feed Sun, 15 Jan 2023 13:15:43 +0000 Shanghai’s economy, battered by a two-month citywide lockdown earlier this year, will grow at a clip in 2023 as China’s exit from its zero-Covid policy ushers in a wave of foreign capital to the mainland’s commercial capital, according to an economic adviser to the local government. The city’s gross domestic product (GDP) will expand at least 6 per cent next year, beating the estimated 5 per cent growth nationwide, said Xu Mingqi, a researcher at the Shanghai Academy of Social Sciences. It would... https://www.scmp.com/business/china-business/article/3204979/shanghais-economy-will-expand-6-cent-2023-amid-wave-foreign-investment-post-covid-era-economist?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3204979/shanghais-economy-will-expand-6-cent-2023-amid-wave-foreign-investment-post-covid-era-economist?utm_source=rss_feed Thu, 29 Dec 2022 12:27:29 +0000 US electric vehicle (EV) maker 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. Production at the facility was suspended for 22 days because of a citywide lockdown. At its Gigafactory 3 in the Lingang free-trade zone, 8,000 workers have been convened to build its bestselling Model 3 and Model Y EVs, but only half of the workforce can be fully utilised in a single shift, because Tesla... https://www.scmp.com/business/china-business/article/3175064/teslas-half-idle-shanghai-factory-exposes-strain-chinas?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3175064/teslas-half-idle-shanghai-factory-exposes-strain-chinas?utm_source=rss_feed Thu, 21 Apr 2022 11:00:54 +0000 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. Lingang Special Area of China (Shanghai) Pilot Free Trade Zone, which is home to Tesla’s first manufacturing facility outside the United States, will allow talent to buy homes in the free-trade zone after working there for three months, down from at least one year previously, according to the Lingang Special Area’s website. The... https://www.scmp.com/business/article/3174253/lingang-free-trade-zone-lowers-bar-home-purchases-chinas-property-easing?utm_source=rss_feed https://www.scmp.com/business/article/3174253/lingang-free-trade-zone-lowers-bar-home-purchases-chinas-property-easing?utm_source=rss_feed Thu, 14 Apr 2022 09:30:15 +0000 Shanghai added a record 13,354 new Covid-19 infections on Tuesday, boosting the national caseload to its highest since the disease’s outbreak, underscoring why authorities in China’s commercial hub are in no hurry to lift a citywide lockdown. Authorities kept the city of 25 million residents locked down, after mass testing found 73,000 infections since March 1. The local government reversed its earlier plan to lift the lockdown on Puxi on Tuesday. The 13,354 infections was the highest one-day... https://www.scmp.com/business/article/3173105/shanghai-outbreak-covid-19-cases-soar-record-13354-offering-no-end-sight?utm_source=rss_feed https://www.scmp.com/business/article/3173105/shanghai-outbreak-covid-19-cases-soar-record-13354-offering-no-end-sight?utm_source=rss_feed Tue, 05 Apr 2022 05:10:47 +0000 Shanghai municipal government is offering a package of incentives, rebates and exemptions to help businesses survive the city’s phased lockdown to contain the worst Covid-19 outbreak in mainland China’s commercial hub. Local authorities offered 140 billion yuan (US$22 billion) in tax incentives, cut a range of fees, and exempted certain designated companies from paying rent for three months, according to an online press briefing on Tuesday.. The government said it would cut its value-added tax... https://www.scmp.com/business/banking-finance/article/3172250/shanghai-offers-140-billion-yuan-lifeline-tax-rebates-rent?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3172250/shanghai-offers-140-billion-yuan-lifeline-tax-rebates-rent?utm_source=rss_feed Tue, 29 Mar 2022 08:09:00 +0000 The Shanghai municipal government is rolling out a slew of generous incentives to attract talent and firms along the semiconductor supply chain, as part of China’s drive to fast track domestic chip industry development. According to a government policy document published on Wednesday, the Shanghai government will subsidise up to 30 per cent of investment – up to a total of 100 million yuan (US$15 million) – in semiconductor materials and equipment projects in the city. It will also subsidise 30... https://www.scmp.com/tech/tech-war/article/3163966/us-china-tech-war-shanghai-showers-cash-woo-semiconductor-talent-and?utm_source=rss_feed https://www.scmp.com/tech/tech-war/article/3163966/us-china-tech-war-shanghai-showers-cash-woo-semiconductor-talent-and?utm_source=rss_feed Wed, 19 Jan 2022 14:00:23 +0000 China’s top chip foundry Semiconductor Manufacturing International Corporation (SMIC) announced plans to build a new US$8.87 billion factory in Shanghai as it ramps up production to address the global chip shortage. The company, which is listed in Shanghai and Hong Kong, said in a corporate filing on Friday that it has signed an agreement with a Shanghai government-backed entity to build a new 28-nanometre fabrication plant in the city’s free-trade zone. The expansion adds to existing plans for... https://www.scmp.com/tech/tech-war/article/3147472/chinas-top-chip-maker-smic-build-us9-billion-factory-shanghai-amid?utm_source=rss_feed https://www.scmp.com/tech/tech-war/article/3147472/chinas-top-chip-maker-smic-build-us9-billion-factory-shanghai-amid?utm_source=rss_feed Fri, 03 Sep 2021 10:00:08 +0000 China’s central government has announced an unprecedented devolution of authority to Shanghai, allowing municipal authorities greater freedom to enact legislations, offer tax breaks and liberalise the capital market to spur growth. The Chinese Communist Party’s Central Committee and the State Council on Thursday jointly published a long-awaited set of guidelines about transforming Pudong district on the eastern bank of Shanghai’s Huangpu River, into a “pioneer zone,” or a showcase of China’s... https://www.scmp.com/business/money/money-news/article/3141277/china-grants-tax-breaks-policy-leeway-turn-shanghai?utm_source=rss_feed https://www.scmp.com/business/money/money-news/article/3141277/china-grants-tax-breaks-policy-leeway-turn-shanghai?utm_source=rss_feed Thu, 15 Jul 2021 13:01:22 +0000 Shanghai’s authorities have unveiled a grand plan to develop new townships out of five suburban districts to relieve the population density in the sprawling megapolis of almost 25 million people. Five new towns will be developed in the Qingpu, Fengxian, Jiading, Nanhui and Songjiang districts, where Shanghai mayor Gong Zheng had promised to build major industrial projects with high-quality public infrastructure and comprehensive transport hubs. The grand plan is already attracting early... https://www.scmp.com/business/china-business/article/3129329/shanghai-looks-five-suburbs-reduce-population-density?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3129329/shanghai-looks-five-suburbs-reduce-population-density?utm_source=rss_feed Wed, 14 Apr 2021 01:45:12 +0000 On October 14, President Xi Jinping visited the southern city of Shenzhen, where he delivered a speech celebrating 40 years of progress since the special economic zone (SEZ) was established there. A month later, Xi headed to Shanghai’s Pudong district – which was designated China’s first “new area” 30 years earlier – for the same purpose. The centrality of Shenzhen and Shanghai to China’s future development could not be clearer. When China first created the Shenzhen SEZ, some questioned its... https://www.scmp.com/comment/opinion/article/3111116/shenzhen-shanghai-show-chinas-skill-playing-pioneering-cities?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3111116/shenzhen-shanghai-show-chinas-skill-playing-pioneering-cities?utm_source=rss_feed Tue, 24 Nov 2020 09:00:15 +0000 Shanghai’s efforts to build itself into an international financial hub suffered a blow when Beijing granted greater autonomy to its high-tech rival, Shenzhen, aimed at boosting its role as a model for the country’s development, according to analysts. With the southern city neighbouring Hong Kong now able make its own laws on market liberalisations, Shanghai, formerly a front runner in making economic and financial reforms, finds itself under mounting pressure to maintain its status as mainland... https://www.scmp.com/business/banking-finance/article/3107838/shanghais-global-hub-ambitions-take-hit-high-tech-rival?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3107838/shanghais-global-hub-ambitions-take-hit-high-tech-rival?utm_source=rss_feed Sun, 01 Nov 2020 02:00:26 +0000 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. Mainland China’s commercial and financial capital is looking to better use existing preferential policies – lower corporate income tax, duty-free customs zones and flexible land distribution – to unlock Lingang’s potential and attract top companies from home and abroad, Chen Yin,... https://www.scmp.com/business/china-business/article/3098165/shanghai-wants-drive-lingang-output-more-success-stories?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3098165/shanghai-wants-drive-lingang-output-more-success-stories?utm_source=rss_feed Fri, 21 Aug 2020 00:30:08 +0000 “I waited two months for delivery, but it was worth it,” said Katherine Zhang, who received her Tesla Model 3 in June. “The Autopilot feature is of great help to me, as I’m an inexperienced driver. This is my dream car.” The sedan, manufactured at the US carmaker’s Gigafactory 3 in Lingang, Shanghai, has helped the marque clinched the top spot in mainland China. In June, Tesla delivered 14,954 units, accounting for 23 per cent of the national total, according to the China Passenger Car... https://www.scmp.com/business/companies/article/3094421/wait-time-model-3-drops-two-weeks-all-important-china-market?utm_source=rss_feed https://www.scmp.com/business/companies/article/3094421/wait-time-model-3-drops-two-weeks-all-important-china-market?utm_source=rss_feed Thu, 23 Jul 2020 11:00:18 +0000 China’s decades-old quest to make Shanghai an international financial hub has gained a bit of momentum as Washington mulls tightening China’s access to US capital markets and the future of Hong Kong is clouded by Beijing’s imposition of a national security law. However, a heavily restricted capital account and the absence of a legal system favoured by international business are still huge obstacles for the mainland city to compete with the likes of New York or London, even though Hong Kong’s... https://www.scmp.com/economy/china-economy/article/3091526/shanghais-quest-be-global-financial-centre-gains-impetus-hong?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3091526/shanghais-quest-be-global-financial-centre-gains-impetus-hong?utm_source=rss_feed Thu, 02 Jul 2020 10:31:31 +0000 Surrounded as we are by the grimmest array of global challenges assembled in our lifetimes – note the Organisation for Economic Cooperation and Development this week reported that we are facing the most severe economic recession in nearly a century with enormous damage expected to health, jobs and well-being – there is surely a case for an occasional escape into a little levity. That is where I put the recent reports about Macau and Hainan being nurtured to diversify into financial services,... https://www.scmp.com/comment/opinion/article/3088679/death-hong-kong-asias-top-financial-hub-cant-be-killed-macau-hainan?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3088679/death-hong-kong-asias-top-financial-hub-cant-be-killed-macau-hainan?utm_source=rss_feed Fri, 12 Jun 2020 22:30:13 +0000 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. Lujiazui, which sits across the Huangpu River from North Bund, is home to Shanghai’s most iconic skyscrapers and is often referred to as “China’s Wall Street”. Wu Xinbao, the Communist Party chief of Shanghai’s Hongkou district, where North Bund is located, said on Wednesday the... https://www.scmp.com/business/companies/article/3084252/shanghai-unveils-plan-replicate-chinas-wall-st-along-north-bund?utm_source=rss_feed https://www.scmp.com/business/companies/article/3084252/shanghai-unveils-plan-replicate-chinas-wall-st-along-north-bund?utm_source=rss_feed Wed, 13 May 2020 11:59:35 +0000 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. “We will allow high-end industries to play a leading role in driving the local economy, as we make efforts to sustain growth,” Ying Yong told the Shanghai People’s Congress, adding that the municipality would promote... https://www.scmp.com/business/companies/article/3046238/shanghai-aiming-6-cent-gdp-growth-2020-will-bank-foreign?utm_source=rss_feed https://www.scmp.com/business/companies/article/3046238/shanghai-aiming-6-cent-gdp-growth-2020-will-bank-foreign?utm_source=rss_feed Wed, 15 Jan 2020 13:00:15 +0000 China’s government has given the green light to set up a duty-free zone at Shanghai’s port and the city’s free-trade zone, in the biggest step yet to bypass Hong Kong as the midway stop in easing global commerce with the worldwide marketplace. A fenced customs area will be established at Shanghai’s Yangshan Deep Sea Port and at the Lingang free-trade zone (FTZ), where cargo inside the bonded area will be exempted from import duties, according to the November 4 circular by the The General... https://www.scmp.com/business/companies/article/3042044/shanghai-gets-green-light-set-duty-free-customs-area-facilitate?utm_source=rss_feed https://www.scmp.com/business/companies/article/3042044/shanghai-gets-green-light-set-duty-free-customs-area-facilitate?utm_source=rss_feed Fri, 13 Dec 2019 12:27:55 +0000 Shanghai will offer subsidies of as much as 30 million yuan (US$4.3 million) 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. According to analysts, China can catch up with global leaders in electronic design automation (EDA) software development because of a dearth of talent in countries such as the United... https://www.scmp.com/business/companies/article/3034455/shanghai-free-trade-zone-identifies-specialist-software-area?utm_source=rss_feed https://www.scmp.com/business/companies/article/3034455/shanghai-free-trade-zone-identifies-specialist-software-area?utm_source=rss_feed Thu, 24 Oct 2019 23:00:20 +0000 Shanghai mayor Ying Yong said on Sunday the city was in the process of building a big bonded facility at its expanded Lingang free-trade zone, adding to evidence that zero import tariff policies would be implemented to attract investments. Ying said that the 119.5 sq km Lingang free zone, launched in August, would roll out additional tax incentives in the hope of turning it into a “modern city” with the greatest level of openness. “We are chasing higher quality economic growth and looking to... https://www.scmp.com/business/companies/article/3033780/shanghai-offers-biggest-hint-yet-zero-tariff-policy-lingang-free?utm_source=rss_feed https://www.scmp.com/business/companies/article/3033780/shanghai-offers-biggest-hint-yet-zero-tariff-policy-lingang-free?utm_source=rss_feed Sun, 20 Oct 2019 23:15:10 +0000 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). Zhu Zhisong, executive deputy director with the FTZ’s administration, said Shanghai was committed to attracting more car manufacturers and component makers. “Lingang has a unique position [in creating a car manufacturing industry from scratch], and we will be innovative in policymaking,” Zhu said at a signing... https://www.scmp.com/business/companies/article/3030484/lingang-home-teslas-first-factory-outside-us-secures-24-deals?utm_source=rss_feed https://www.scmp.com/business/companies/article/3030484/lingang-home-teslas-first-factory-outside-us-secures-24-deals?utm_source=rss_feed Thu, 26 Sep 2019 08:31:00 +0000 Shanghai’s ambitious plan to turn Lingang into a Hong Kong-style free-trade port has yet to impress European companies due to a slow pace of enforcement with a series of liberalisations subject to Beijing’s approval. The European Union Chamber of Commerce in Shanghai said on Tuesday that the business lobby group was expecting concrete measures to be implemented at the 119.5-square kilometre newly expanded free-trade zone (FTZ), which would whet European companies’ investment appetite, but it... https://www.scmp.com/business/companies/article/3030169/european-firms-are-lookout-tangible-incentives-embracing?utm_source=rss_feed https://www.scmp.com/business/companies/article/3030169/european-firms-are-lookout-tangible-incentives-embracing?utm_source=rss_feed Tue, 24 Sep 2019 11:23:15 +0000 Shanghai is offering cash subsidies of up to US$8.46 million to financial institutions that set up branches in the new part of its expanded free-trade zone, as the city strives to create a buzzing free-market hub to rival Hong Kong. The municipality announced on Friday that banks, insurers, brokerages, fund managers, trust firms and financial leasing companies would receive up to 60 million yuan (US$8.46 million) worth of subsidies to buy office properties in Lingang. Financial firms renting... https://www.scmp.com/business/companies/article/3029617/shanghai-offers-cash-incentives-us85-million-lure-financial?utm_source=rss_feed https://www.scmp.com/business/companies/article/3029617/shanghai-offers-cash-incentives-us85-million-lure-financial?utm_source=rss_feed Fri, 20 Sep 2019 05:55:37 +0000 Shanghai has stepped up the process to launch IPOs of 14 government-owned companies after the city reported lacklustre economic growth in the first half. Bai Tinghui, head of Shanghai State-owned Assets Supervision and Administration Commission, said on Thursday that a drastic reform to modify the share structure and management style of these companies was under way as the city embarks on an ambitious plan to building a word-class free-trade port at Lingang. “We are making plans for each of the... https://www.scmp.com/business/companies/article/3028145/shanghai-speeds-ipo-process-government-assets-citys-economy?utm_source=rss_feed https://www.scmp.com/business/companies/article/3028145/shanghai-speeds-ipo-process-government-assets-citys-economy?utm_source=rss_feed Thu, 19 Sep 2019 23:00:09 +0000 A competition is under way between Shanghai and Shenzhen to claim the mantle as the role model and pacesetter for the next phase of the country’s economic reforms and growth. The Chinese government has unveiled blueprints for the long-term development of Shanghai and Shenzhen – respectively the commercial hub and “Silicon Valley” of China – granting each leeway to experiment with liberalisation policies and giving them a leg up on hundreds of special economic zones and free-trade zones around... https://www.scmp.com/business/companies/article/3027709/will-technology-or-commerce-be-victor-rivalry-two-cities-be?utm_source=rss_feed https://www.scmp.com/business/companies/article/3027709/will-technology-or-commerce-be-victor-rivalry-two-cities-be?utm_source=rss_feed Tue, 17 Sep 2019 23:00:17 +0000 An operating guide containing 50 new rules published by the Shanghai government on Friday failed to mention what import duty policy would be adopted inside the free-trade zone at Lingang, a detail that foreign as well as local businesses were waiting for. “Goods from abroad entering the fenced customs areas of the new zone, and transactions of goods and services inside the fenced area, will be subject to special taxation policies,” the guide said. The new rules come into effect on September... https://www.scmp.com/business/companies/article/3025090/shanghai-fails-offer-zero-duty-incentives-seen-crucial-cargo?utm_source=rss_feed https://www.scmp.com/business/companies/article/3025090/shanghai-fails-offer-zero-duty-incentives-seen-crucial-cargo?utm_source=rss_feed Fri, 30 Aug 2019 09:30:11 +0000 Foreign workers with special expertise will be offered a variety of incentives – including income and housing subsidies – to come work in the newly-expanded Shanghai free-trade zone, according to sources briefed directly on the new rules. The Shanghai municipal government will release details of 50 new rules for the zone this week that will be effective on September 1. Income tax subsidies will be offered to foreign talent with urgently needed skills. For example, the subsidies will offset the... https://www.scmp.com/economy/china-economy/article/3024556/china-offer-tax-and-housing-subsidies-lure-foreign-talent?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3024556/china-offer-tax-and-housing-subsidies-lure-foreign-talent?utm_source=rss_feed Tue, 27 Aug 2019 10:28:10 +0000 Dalian’s determination to woo foreign investors to the port city in northern China is spelt out clearly by a sign saying “you can only say yes and you are not allowed to say no” that hangs in a local governments business service centre. Staff are encouraged to process business registration applications to help the local government’s efforts to translate its status as a free trade pilot zone, which was granted by Beijing in March 2017, into a pro-business and investor-friendly international port... https://www.scmp.com/economy/china-economy/article/3023921/chinas-free-trade-zones-fail-shine-despite-beijings-desire?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3023921/chinas-free-trade-zones-fail-shine-despite-beijings-desire?utm_source=rss_feed Thu, 22 Aug 2019 11:15:08 +0000 Shanghai’s move to replicate a mini-Hong Kong style free marketplace after it included a 119.5 sq km untapped area at Lingang into its free-trade zone is a step in the right direction analysts say, but they caution more needs to be done to create a flourishing zone that can pose a real threat to the region’s established financial centre. The renewed effort to turn the six-year-old Shanghai free-trade zone into a boomtown to showcase China’s economic might reflects Beijing’s resolution in opening... https://www.scmp.com/business/companies/article/3022662/lingangs-inclusion-shanghai-free-trade-zone-chance-beijing?utm_source=rss_feed https://www.scmp.com/business/companies/article/3022662/lingangs-inclusion-shanghai-free-trade-zone-chance-beijing?utm_source=rss_feed Wed, 14 Aug 2019 04:00:06 +0000 China announced new tax incentives and import duty exemptions on Tuesday, as it formally expanded the Shanghai Free-Trade Zone (FTZ) amid rising trade war tensions with the United States. The State Council, the country’s cabinet, unveiled the plan to double the size of the zone by adding Lingang, an area newly reclaimed from the sea. Lingang is roughly the size of the Hong Kong special administrative region and is home to carmaker Tesla’s first factory outside the US. The expansion comes after a... https://www.scmp.com/economy/china-economy/article/3021706/china-doubles-size-shanghai-free-trade-zone-include-tesla?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3021706/china-doubles-size-shanghai-free-trade-zone-include-tesla?utm_source=rss_feed Tue, 06 Aug 2019 14:32:50 +0000 China is planning a pilot project to drop all duties and ease procedures at Shanghai Free-Trade Zone, three sources said, as Beijing looks to position itself as a leader in free trade amid its trade war with the United States. The plan – which may be announced as early as this year – was discussed during Premier Li Keqiang’s visit to Shanghai last month, and leaders planned to discuss it further at their annual gathering in the seaside resort town of Beidaihe in northern Hebei province this... https://www.scmp.com/news/china/politics/article/3021503/china-plans-drop-all-duties-shanghai-free-trade-zone-sources?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3021503/china-plans-drop-all-duties-shanghai-free-trade-zone-sources?utm_source=rss_feed Mon, 05 Aug 2019 11:09:47 +0000 American companies had high expectations when China announced in 2009 its plan to transform Shanghai into an international financial centre by 2020. It wouldn’t be easy. While centres like London, New York and Tokyo have the infrastructure and legal environment needed for traders, asset managers and global banks to execute transactions, China had a non-convertible currency, a closed internet and other characteristics inconsistent with a global trading centre. Still, there was cause for optimism.... https://www.scmp.com/comment/insight-opinion/article/3007412/shanghai-can-be-made-global-financial-hub-if-china-fixes?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/3007412/shanghai-can-be-made-global-financial-hub-if-china-fixes?utm_source=rss_feed Thu, 25 Apr 2019 01:00:14 +0000 On a hazy late March afternoon, Shanghai’s deputy transport commissioner announced that China’s largest commercial hub would slash handling fees and harbour dues for the second year in a row, easing the financial burden on trading companies caught by slumping commerce because of the US-China trade war. Up to 300 million yuan worth of service feeds, loading and discharging charges and dues for Shanghai’s port and tugboats would be cut this year, adding to the 2 billion yuan (US$298 million) of... https://www.scmp.com/business/companies/article/3005945/china-has-six-worlds-10-busiest-container-ports-spurred-booming?utm_source=rss_feed https://www.scmp.com/business/companies/article/3005945/china-has-six-worlds-10-busiest-container-ports-spurred-booming?utm_source=rss_feed Sat, 13 Apr 2019 00:00:16 +0000 Shanghai has fallen short of its ambitious goal of becoming a fully-fledged international financial centre by 2020, according to a survey by the American Chamber of Commerce in Shanghai. The plan was announced in 2009, when Shanghai officials pledged it would be on an equal footing to New York, London and Hong Kong by next year’s deadline. As the deadline grows nearer, however, the city remains largely a commercial and shipping capital. Restrictions on the movement of capital in and out of China... https://www.scmp.com/economy/china-economy/article/3004712/chinese-capital-controls-mean-shanghai-not-global-financial?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3004712/chinese-capital-controls-mean-shanghai-not-global-financial?utm_source=rss_feed Thu, 04 Apr 2019 13:30:07 +0000 Shanghai is considering expanding its free-trade zone fivefold to as big as 600 square kilometres, and include two areas where US electric carmaker Tesla and Malaysian hospital operator IHH Healthcare are already active, to increase its appeal to foreign investors. The new expanded area will include Lingang and Hongqiao, located to the west of the Huangpu River that cuts through the city, according to sources. The city government is expected to unveil detailed expansion plans for the 120 square... https://www.scmp.com/business/china-business/article/2178646/size-matters-shanghai-mulls-fivefold-expansion-free-trade?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2178646/size-matters-shanghai-mulls-fivefold-expansion-free-trade?utm_source=rss_feed Wed, 19 Dec 2018 23:00:30 +0000 Hong Kong and Shanghai have different starting points in internationalisation and different missions, but they have the same goal, which is to serve China’s needs of reform and opening-up and boost the country’s financial competitiveness in the world, according to a former top Chinese official, reiterating the political message from Beijing. At a meeting with a delegation of top officials and business leaders from Hong Kong and Macau earlier this month, Chinese President Xi Jinping praised the... https://www.scmp.com/business/china-business/article/2175693/beijing-sends-clear-message-hong-kong-join-forces-shanghai?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2175693/beijing-sends-clear-message-hong-kong-join-forces-shanghai?utm_source=rss_feed Fri, 30 Nov 2018 00:01:58 +0000 China’s State Council issued a guideline on Friday prioritising land use for the country’s 12 free-trade zones. All ministerial-level authorities and local governments have been urged to build these zones into gateways that connect foreign investors with the mainland economy. The guideline is being viewed as a precursor to a series of drastic liberalisations, which follow comments by Chinese President Xi Jinping on November 5 that Shanghai would get a much larger FTZ with fresh incentives to... https://www.scmp.com/business/banking-finance/article/2174700/china-state-council-guideline-prioritises-land-use-free?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2174700/china-state-council-guideline-prioritises-land-use-free?utm_source=rss_feed Fri, 23 Nov 2018 09:33:30 +0000 China’s President Xi Jinping on Monday breathed new life into Shanghai, announcing plans for an equity market for start-ups and expansion of the free-trade zone, hoping to revive the flagging fortunes of the economic testing ground seen as a rival to Hong Kong. Xi said in a speech during the China International Import Expo that Shanghai free trade zone will be encouraged to take bold steps to further ease cross-border trade and investment after the expansion, and hoped the experiences will be... https://www.scmp.com/business/companies/article/2171788/president-xi-breathes-new-life-shanghai-ftz-he-hopes-replicate?utm_source=rss_feed https://www.scmp.com/business/companies/article/2171788/president-xi-breathes-new-life-shanghai-ftz-he-hopes-replicate?utm_source=rss_feed Mon, 05 Nov 2018 12:04:27 +0000