Lin-gang increases efforts to build an institutional system for opening-up

The Lin-gang Special Area in Shanghai is exploring and implementing internationally-competitive opening-up policies and systems in order to boost high-quality development.

A series of financial measures were announced to boost scientific innovation at the first Dishui Lake Emerging Finance Conference held on Dec 8.

At the event, a number of financial and technology companies signed up to create cross-border financial innovation ecology and innovation projects in the area.

In addition, more than 100 State-owned enterprises and universities and more than 10 types of institutions, including science and technology enterprise incubators, have joined the launch of the "Dishui Lake Science and Innovation Finance Partnership Program", proposing to set up no less than 20 billion yuan ($2.87 billion) in guidance funds in the next three years and mobilize no less than 200 billion yuan in market-oriented funds to support scientific and technological innovation.

Lin-gang Special Area has taken the lead in carrying out the pilot reform of high-level opening-up of foreign exchange management for cross-border trade and investment. All 13 reform measures have already been implemented, benefiting more than 100 enterprises.

Lin-gang also carried out a pilot reform on the commitment system for construction projects, and 46 projects have been attempted.

At present, Lin-gang has identified and supported 14 scientific and technological innovation platforms, and the number of national high-tech enterprises in the area has increased from 184 to 930.

This year, various economic indicators in Lin-gang have increased significantly. From January to October, the total industrial output value above designated size – those earning at least 20 million yuan annually – increased by 34.7 percent year-on-year, and investment in fixed assets across all of society increased by 38.9 percent year-on-year.