China hopeful of creating another investment hub in Lingang

China hopeful of creating another investment hub in Lingang

Agency News

Beijing, Aug 26 : The Chinese policy makers are hopeful that newly introduced policy measures would help Lingang attract higher foreign investment and advance the country's new round of opening up.

Lingang in the Southeast of Shanghai was last week included in the China Pilot Free Trade Zone and policy makers and other stakeholders say the initiative would fetch in dividends.

Local media reports here said according to Chen Jie of Lingang administrative unit, inquiries from foreign companies are pouring in and the prospective investors seemed to have welcomed measures such as 15 percent income tax rate for companies specialising in high end manufacturing industries such as integrated circuits and easy access to data.

According to a report in premier newspaper 'China Daily', relaxed employment policies and free flow of capital would help Lingang attract foreign investment. The report further said including Lingang in Free Trade Zone is among a number of moves taken in Shanghai to further augment foreign investment. Official data shows Shanghai has attracted foreign contracts worth 22.9 billion dollar in the first half of this year. This would make a 6.3 percent increase year on year. (UNI)