(Yicai Global) Dec. 12 -- Lingang New Area, the latest addition to the Shanghai Free Trade Zone, plans to bring in 130 new projects next year worth CNY400 billion (USD57 billion), according to local authorities.

About CNY50 million of that will enter the local economy next year, officials said at a government meeting yesterday. Lingang hopes the projects will accelerate its development as a special economic functional zone with the power to influence and compete in the international market.

Industrial tech facilities will make up some CNY250 billion of the total, including about CNY27 billion coming in 2020.  Next year's projects will include around CNY2.6 billion going toward special bonded industries, including projects led by American electric carmaker Tesla and Shanghai's own Advanced Semiconductor Manufacturing, CNY17.6 billion on advanced manufacturing, CNY17.6 billion on the environment, CNY4.4 billion on commercial services and CNY2.5 billion on finance.

Other major sectors include municipal transport, with 31 projects tallying CNY81 billion in investment and about a fifth of that being spent next year; and social and lifestyle projects, on which organizations will spend about CNY55.5 billion on 19 developments, but just CNY1.6 billion next year.

Editor: James Boynton