Shanghai unveils plan for dev. of innovative industries in Lingang Area

Photo: Employees work at a factory of the Chinese automaker SAIC Motor in the Lingang Area of Shanghai, east China, Feb. 27, 2020. (Xinhua/Ding Ting)

East China's Shanghai has recently unveiled a plan for development of the innovative industries in the Lingang Area, a newly launched section of the Shanghai free trade zone (FTZ), Xinhua-run Shanghai Securities News reported on Friday.

According to the plan, the Lingang Area will focus on the core links of the industrial chain and the high-end part of the value chain. It will target the frontier industries including integrated circuit (IC), artificial intelligence (AI), biomedicine, civil aviation, smart new energy vehicles (NEVs), high-end equipment manufacturing, and green remanufacturing.

Meanwhile, the Lingang Area will also focus on the development of high-level service industries represented by new international trade, cross-border financial services, modern shipping services, information services, and professional services, in an effort to enhance Shanghai's global influence in the trade, finance, shipping and other fields.

In addition, the Lingang Area will strive to cultivate new driving forces for economic development, and explore the development of an open and innovative economic format featuring offshore economy, smart economy, blue economy, and headquarters economy, said the plan.

From the perspective of the industrial structure, the plan will help accelerate the implementation of the Belt and Road Initiative (BRI), the Yangtze River Economic Belt, and the Yangtze River Delta regional integration, said Ye Jitao, an arbitrator with the Shanghai International Arbitration Center (SHIAC).