Shanghai Daily reports that with 104 of the world’s top 500 companies having set up offices here, the area employs 170,000, including 8,600 foreigners. The zone added RMB66.6 billion to the economy in 2006, accounting for 47.7% of the nation’s free trade zones.
Lingang New City has special function zones including a logistics park and heavy machinery park. The intention is to combined with the Waigaoqiao Free Trade Zone and the Lujiazui financial hubs.
The Aviation Industry Corp of China, China’s largest aerospace company, has chosen Lingang New City as the base for designing and making engine parts for China’s first 150-seat passenger plane. The research and development center for the project will be located at Zhangjiang High-Tech Park in Pudong New Area.
Yangshan Deep-water Port is an essential part of the scheme. Construction started on the port in 2002 and the major section was completed at the end of last year. The 16 berths have a handling capacity of 9.3 million 20-foot-equivalent units (TEUs). When completed, the 30 berths should be able to handle 15 million TEUs by 2020.