Shanghai Sets Out Vision For 'Science City'
by Lorys Charalambous, Lowtax.net, Cyprus
09 August, 2017
Shanghai city officials have announced the expansion of Pudong's Zhangjiang Hi-Tech Park into a "science city" with about 700,000 residents, including scientists, entrepreneurs, and professionals.
Zhangjiang Hi-Tech Park was established in July 1992, and currently covers 79.7 square kilometers, including half also belonging to the Shanghai Pilot Free Trade Zone. The expansion will see Zhangjiang Science City covering 94 square kilometers in southeast Shanghai, with about 880,000 jobs created. Over half of the employees will live in the science city, according to a construction plan approved by the city government.
To accommodate the talent, about 9.2 million square meters of residential buildings will be built. About 96 percent of them will only be available for rental, the city's planning body said.
The Shanghai Pilot Free Trade Zone was launched on September 29, 2013, and offers companies a number of tax preferences. It comprises a bonded area, high-tech park, financial area, and an export processing zone.
The science city aims to be on a par with California's Silicon Valley, Singapore's One North science park, and the Japanese Tsukuba scientific town, according to the plan.
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