11 Policies Take Effect in New Lingang Area

 2019-09-27  168

On Sept. 20, 11 policies took effect in New Lin-gang Special Area, including the “Suggestions Opinions on Further Promoting Financial Openness and Financial Innovation in the new Lingang area Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone”, supporting the the introduction of tion of innovative foreign talents in high-tech fields, the introduction of and  foreign talents in the fields that fit the Lin-gang Special Areanew area’s industrial orientation, the “green channel” for granting work permits to leading R&D talents and teams in scientific research and innovation, the power to recommend candidates for the “List of Shanghai Scientific and Technological Innovation Professions in Shanghai”, the power to add conditions forgranting bonus points given to foreign talents in their application for work permits and Chinese talent visas. On the same day, Lin-gang Special Area Administrationthe Administration Committee of new Lingang area signed contracts with 16 financial institutions to encourage relevant financial institutionsthem to settle down branches in Lin-gang Special AreaLingang.


Policy Implementation Is Accelerating Policy Implementationed in Lin-gang Special Area
In terms of financial innovation policy, the “Measures to Support Financial Innovation in Lin-gang Special Area new Lingang area of China (Shanghai) Pilot Free Trade Zone” points out the goal is to attract high-quality financial resources to Lin-gang Special Areathe Lingang as soon as possible to form a new highland for financial openness and innovation. To this end, Lin-gang Special AreaLingang should actively implement national strategies and highlight the key fields to be supported. LingangLin-gang Special Area should choose key financial fields that address China’s strategic needs, are in great demand in the international market and have high requirements for openness, but are not yet ready for implementation in other regions, to build a number of functional financial platforms with higher openness and create core functions for the allocation of global high-end financial resources and factors, constantly expanding the depth and breadth of cross-border financial services. Comprehensive policy support should be provided to strengthen talent policy support. A package of supportive policies, including incentives for settling down, incentives for business contribution, land use support, housing purchase and rental support and incentives for talents, should be offered to newly established financial institutions and financial functional institutions in Lin-gang. Support for senior financial executives and professionals should be increased, by granting preferential policies in terms of residency, talent apartments, housing subsidies, children's education and medical care. A policy mix should be formed to Aacceleratinge the introduction of high-quality financial institutions and financial talents through policies. Focus should be placed on the introduction of key institutions to enhance financial innovation capability. Efforts should be made to build a number of major headquarters/functional financial institutions and financial platforms. Lin-gang Special Area will, support financial institutions in providing cross-border financial services in accordance with international standards, enhance the flexible use of cross-border funds, support enterprises in Lin-gang to build fund management centers, and provide individualized services and customized policies for special or innovative services. Financial institutions should be encouraged to carry out product, service and institutional innovation in cross-border and offshore finance. Institutions and individuals with outstanding contributions should be rewarded.

Next, Lin-gang Special Areanew Lingang area will further focus on financial innovation. Key financial fields that address China’s strategic needs will be chosen to carry out service innovation in cross-border finance, offshore finance and trade finance, driving the facilitation of cross-border financial services. Further focus will be placed on key institutions. Overall planning and coordination will be strengthened for financial investment promotion, to form synergy for investment promotion and accelerate the gathering of high-quality financial institutions and high-end financial talents. Further focus will be placed on policy implementation.  Relevant operational procedures and rules will be clarified and policy publicity will be increased, so that financial institutions can better understand and enjoy the supportive policies for finance in Lin-gang Special AreaLingang, enhancing their sense of gain and making finance serve the development of the real economy better.
In terms of talent service policy, great breakthroughs have been made in innovative policy concerning foreign talents in Lin-gang Special Areanew Lingang area. Focusing on and starting with deepening the reform centering on “delegate power, streamline administration and optimize government services”, Shanghai Municipal Science and Technology Commission and Shanghai Administration of Foreign Experts Affairs have introduced a series of exclusive policies and innovative measures for attracting foreign talents in Lin-gang andto given Lin-gang more liberties and convenience in the introduction of foreign talents, including five aspects: increasinge efforts to support the introduction of foreign scientific and technological talents, supporting the introduction of foreign research and innovation team members in major projects, granting Lin-gang Special Area the administrative power and autonomy in introducing foreign talents, providinge convenience for foreign talents to make innovations and start businesses in Lin-gang Special AreaLingang, and providinge more convenient services for employers and foreign talents in Lingangthe Special Area.

Carrying out Industrial Development Is Carried out in Lin-gang Special Area
In terms of financial projects, Shanghai AI Investment Fund has landed in Lin-gang Special AreaLingang, and the fund size is RMB 10 billion in Phase One.; Aa Strategic Emerging Science and Technology Innovation Fund jointly established with a subsidiary of China Construction Bank has landed in Lingang; Lin-gang Special Area. 6 banks, namely China Construction Bank, the Bank of China, Shanghai Pudong Development Bank, Shanghai Rural Commercial Bank, the Agricultural Bank of China and the Bank of Communications, have set up branches in LingangLin-gang Special Area successively to carry out financial innovation; . Aa number of fintech companies, wealth management companies and financial leasing companies have expressed clear intention to settle down in Lin-gang Special AreaLingang.
In terms of industrial projects, high-level industrial projects in key bottleneck fields such as integrated circuits (IC), artificial intelligence (AI), bio-pharmaceutical medicine and civil aviation have been introduced continuously. Over the past month, nearly 200 projects have been negotiated. Among them, more than 30 projects have landed in Lingang, including in IC projects such as ACM Research and GLC Gallium Nitride, regional headquarters such as Reignwood East China Headquarters and Datang Network 5G R&D Headquarters, aviation and aerospace projects such as CAS Micro Satellite Application Module R&D Project and China Eastern Airlines GE Aeroengine Overhaul Base, as well as projects in biopharmaceutical and AI fields. On Sept. 12, a joint signing ceremony was held.

In terms of planning and transportation, Lin-gang Special Areanew Lingang area cooperates with Shanghai Municipal Bureau of Planning and Natural Resources in information sorting collecting and research in the preliminary stage of planning formulation. After obtaining approval from the Ministry of Natural Resources, the formulation of Lin-gang’s overall land use planning will be started as soon as possible. Lin-gang Special Area will The new Lingang area cooperates with Shanghai Municipal Transportation Commission in the formulation of Lin-gang’s integrated transport planning, speeding up the construction of railways and rail transitsubways. The plan is to build the 2nd East China SeaDonghai Bridge and S3 Expressway and further improve the capacity of Line No.16.

Speeding up Financial Innovation Is Sped up in Lin-gang Special Area
On Sept. 20, Lin-gang Special Area Administrationthe Administration Committee of new Lingang area held a joint signing ceremony with 16 financial institutions, namely China Development Bank, the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, China Construction Bank, the Bank of Communications, the Postal Savings Bank of China, China Merchants Bank, Shanghai Pudong Development Bank, China Minsheng Bank, Ping An Bank, the Bank of Shanghai, Shanghai Rural Commercial Bank, Shanghai Stock Exchange, Industrial Securities and China Pacific Insurance, to encourage relevant  these financial institutions to settle down branches in Lin-gang and carry out financial innovation, thereby further strengthening financial support for Lin-gang Special Area.
Shanghai regional headquarters of the People’s Bank of China will actively support the construction of the new Lingang areaLin-gang Special Area, implement the central government’s policies and measures to expand financial openness and support their implementation in Lin-gang in advance. It will actively implement the 11 measures for financial openness released by the Commission for Financial Stability and Development, to further open up the financial services sector.