It's definitely not Hong Kong and not a charter city -- whatever they mean by "their own something something", it definitely doesn't imply any comparable levels of autonomy.

So yes, it's basically a SEZ, I suppose. It could as well work if the main problem was the tax burden -- which, unfortunately, it's not. Taxes didn't kill e.g. Magnitsky or make e.g. Chichvarkin lose his business and flee the country.