The Lingang New Area of Shanghai Free Trade Zone in Shanghai celebrates its second anniversary on Friday. Over the past two years, significant achievements have been made.

Data from the municipal government showed that 765 project deals have been signed, bringing more than $68 billion in investment to the area.

Industrial output value grew by 137 percent during the same period, while fixed-asset investments jumped by 91 percent.

What's behind the stunning figures is the launch of some 190 policy initiatives, including lowering the threshold for a Shanghai residence permit, cheaper apartment rents for professionals and tax subsidies for firms.

The Lingang administration has also released its proposals in the country's 14th Five-Year Plan (2021-2025) earlier this month in the hope of arracting more than 800,000 inhabitants by 2025, more than double the current figure.

Lingang is a suburban area, a 1.5-hour drive from the city proper. The local government is also planning to expand the transportation system to draw more people.

China's State Council decided to include the Lingang area within the Shanghai Free Trade Zone on August 20, 2019. So far, 90 percent of the set tasks have been completed.