Deals for 16 projects related to investment funds, with a total investment of 84.2 billion yuan ($12.1 billion) in the Lin-gang Special Area, were inked at the signing ceremony on Aug 21.

Lin-gang is expected to strengthen Shanghai's capacities in financial and technological innovations and create world-class industrial clusters in integrated circuit (IC), artificial intelligence (AI), bio-medicine, and aviation and aerospace.

The Shanghai Municipal Development and Reform Commission, the Shanghai Municipal Economic and Information Commission, the Shanghai Municipal State-owned Assets Supervision and Administration Commission, relevant departments of the Lin-gang Special Area Administration as well as developers, banking institutions and financial enterprises in Lin-gang attend the signing ceremony. [Photo/WeChat account: shlgguanweihui]

During the ceremony, the Lin-gang Special Area Administration signed cooperation agreements with industrial investment funds such as Shanghai IC Industry Fund (Phase II), Shanghai AI industry Fund, Shanghai Biomedicine Industry Fund to establish a two-way cooperative mechanism.

Lin-gang will also take advantage of functional policies, taxation policies, fiscal policies and comprehensive supporting policies to attract investment in business with precision and efficiency.

Five funds that the Lin-gang Special Area Administration is involved in signed investment agreements with 12 enterprises to accelerate the integration of high-quality capital, projects, technologies and talent, and boost fiscal leverage.

Since its establishment, the Lin-gang Special Area Administration has formulated a host of financial support policies and optimized the business environment. To date, 35 fund projects with an investment scale expected to reach 239.6 billion yuan have been signed or have started operations.

Moving forward, Lin-gang will continue to implement the pilot tasks according to Overall plan for Lin-gang Special Area of the China (Shanghai) Pilot Free Trade Zone, which aims to make Lin-gang a special economic zone with international market influence and competitiveness.