District selected into FTZ coordination innovative zones

Minhang District was recently selected as one of Shanghai’s first group of free trade zone coordination innovative zones, together with Huangpu, Xuhui, Hongkou, Yangpu, Baoshan and six comprehensive bonded zones — Songjiang, Caohejing, Fengxian, Jinqiao, Qingpu and Jiading.

These FTZ coordination innovative zones will create their distinctive plans to expand the ripple effects of the FTZ in the Pudong New Area.

In Minhang, the selected region includes the Hongqiao International Central Business District (Minhang sector) in the north and the Grand NeoBay Sci-tech Innovation Zone in the south.

The district’s overall 46-square-meter FTZ coordination innovative zone will grow on new international trade and high-end smart manufacturing, with measures taken to enforce the capacity rise of the Hongqiao Central Business District bonded logistics center (Type B), update the function of the public bonded warehouses, co-share sci-tech research apparatus, and nurture cross-regional industrial cooperation on high-end equipment.

The first batch of FTZ coordination innovative zones will benefit from the achievements and experience of Shanghai Pilot Free Trade Zone and Lingang New Area and cater to corporate business appeals especially in reducing red tape in trading, cross-border fund settlement and foreign talent services.

The zones would further nourish and benefit from sectors performing well in its Lingang New Area, such as integrated circuitry, new energy vehicles, new foreign trade and sci-tech innovation platforms.

Future renovation in the FTZ coordination innovative zones is expected to continue as productively as the FTZ has already accomplished.

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