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Countermoves

China, Lingang becomes the new mecca for foreign investors with zero duties

In Milan, the delegation organised by Bank of China to attract investment to the new Free Trade Zone in Lingang, near Shanghai

by Rita Fatiguso

3' min read

3' min read

Foreigners, welcome to Shanghai, to the Kingdom of Tesla. The spirit of Elon Musk, controversial architect of Donald Trump 2.0's sprint, hovers over the Urbi et Orbi presentation of investment opportunities in the New Lingang Free Trade Zone area, a huge area southeast of Shanghai, an evolution of the 'old' Waigaoqiao, located further north. In Lingang Musk found the cradle to grow his zero-duty electric creature, today Elon's EV gigafactory is the flagship of the New Free Trade Zone, where the first stone was placed, in 2018, as shown in pictures showing a young Musk signing the memorandum of understanding with the local authorities. Tesla is one of 75,000 wholly foreign-owned companies that have found a home here.

Yesterday was the Milan leg of a long delegation tour organised by the Bank of China, the Commercial Consulate and the Chamber of Commerce of Chinese companies in Italy. The primary task is to attract investment and illustrate to companies what Lingang is all about.

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'A bridge to the whole world', can afford to say Chen Jinshan, a senior official with a very long track record: member of the Standing Committee of the Shanghai Municipal Committee, Secretary of the Party Working Committee and Director of the New Lingang Area Management Committee.

In this dystopian world in which the US proclaims a return to the local by tightening tariffs, it is China that launches the bid for a system of economic freedom that brings profits, automated and advanced manufacturing next to Pudong the world's third largest port of call and Shanghai the world's largest port.

Investment, freedom, open system. International level environment. Industrial clustering. High-tech investment. Talent attraction, issuing five-year visas for foreign talent to move to China.

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It is difficult to be deaf to these sirens.

China's opening to the world through the Ftz began on the Huangpu River in 2013, ribbon-cutting of the first four zones, then in 2017 seven more were added, again along the coast, then the redemption of the central zones and, finally, the free port on Hainan Island.

Beijing can no longer turn back. Free Trade Zones for years have been the experimental ground for reforms, for the integration of territories. Fujian, Guangdong and Tianjin), established after the Shanghai Free Trade Zone, aimed at providing a space for specific industries and encouraging regional trade.

Due to its location in south-eastern China, the Free Trade Zone of Fujian Province specialises in trade with Taiwan and the manufacture of high-tech products; that of Guangdong Province focuses on trade with Hong Kong, Tianjin allows trade in northern China and foreign financial markets. The backbone of the BRI the Silk Road is made up of customs zones to strengthen trade between Central Asian and Eurasian countries.

These new zones are in the provinces of Liaoning, Sichuan, Zhejiang, Henan, Shaanxi, Hubei and the city of Chongqing. Other zones are expected to be established in other locations, including Hainan Island.

The original idea of Free Trade Zones was to break down barriers to international trade, a testing ground, a focus on specific sectors, or a channel for trade with neighbouring areas.

Warehouse storage and duty-free importation. The original Free Trade Zone incentives continue to be a key issue for many companies. As they pass through the distribution chain, goods distributed outside the Free Trade Zone continue to be exempt from customs duties. Computerised simplified customs procedures and faster customs inspections.

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