The Lin-Gang Special Area in Shanghai, well known as the location of Tesla's Shanghai Gigafactory, plans to set up the first Platinum Group Metals (PGMs) trade and technology centre in China, to be called the Lin-Gang Platinum and Precious Metals Centre (PPMC), to stimulate the development of the PGMs industry.

Owing to their unique catalytic properties, PGMs are widely used in the world's economy, and China is the biggest consumer, accounting for more than 25% of global demand. Platinum, along with other PGMs, plays a critical role in the hydrogen and fuel cell electric vehicle industries, which have received significant support from the government in China, due to its commitment to carbon neutrality by 2060. 

The project is led by the Lin-Gang Group, a leading Shanghai developer of industrial parks, together with a few key partners. Mr. Yuan, Chairman of the Lin-Gang Group, highlights that the PPMC comprises four key initiatives, including a PGM research institute, a sizeable industrial venture capital fund, an industrial park and an offshore trading market which will be developed in sequence to support new PGM applications and to grow an industrial cluster. 

On Friday, 2 September 2022 at the official launch ceremony, nearly 70 leading institutions, including Anglo American, Honeywell and the World Platinum Investment Council (WPIC), each signed strategic co-operation agreements with the Lin-Gang Group and other related parties in support of the PPMC.

As part of its commitment to the PPMC, WPIC has announced that it intends to move its Asia Pacific headquarters to the Lin-Gang Special Area and that the flagship annual event which it co-sponsors, the Shanghai Platinum Week, will take place in the Lin-Gang Special Area with effect from 2023. WPIC will also join the proposed PGMs research institute as a founding member and participate in a joint venture set up to oversee the development of the industrial park. 

Several enterprises from the fields of law, logistics, financing and insurance among others have agreed to set up the Lin-Gang Trade Cross-border Communication (LGTCC) group, aiming to provide international traders, including those involved in the PGMs supply chain, with support services. 

Looking forward, more PGMs are expected to be imported and traded for use in technological applications as a result the establishment of the PPMC in the Lin-Gang Special Area. These include green hydrogen production, fuel cell electric vehicles, bio-pharmaceutical end-uses and environmental protection - all sectors that are critical to achieving China's economic and net zero goals.