Hongqiao International CBD leads way in city's development

Shen Mengdan
The Hongqiao International Central Business District has laid a solid foundation for the further opening up and high-quality development of the city.
Shen Mengdan

Editor's note:

Shanghai, a well-established destination for investment from home and abroad, is confident it will attract more quality investment thanks to better policies and services.

Hongqiao International CBD leads way in city's development

The Hongqiao International Central Business District, which is celebrating its third anniversary, has laid a solid foundation for the further opening up and high-quality development of Shanghai, government officials said on Saturday.

They were speaking at a press conference to commemorate the approval of the "Overall Plan for the Construction of Hongqiao International Open Hub" three years ago and share achievements of the Hongqiao International CBD.

Since the approval of the plan, Shanghai has made considerable progress in the development of the Hongqiao International CBD, the core of the Hongqiao International Open Hub. The hub has seen its economic output increase to 2.8 trillion yuan (US$388.6 billion) in 2023 from 2.3 trillion yuan in 2020.

"In the next phase, Shanghai will continue to promote the integration of the Yangtze River Delta and continue to improve the Hongqiao International CBD," said Shanghai Vice Mayor Hua Yuan at the conference.

Hongqiao International CBD leads way in city's development

As one of the first urban village renovation projects in Shanghai, the transformation of Panglong Tiandi is a success that benefited from the establishment of the Hongqiao International Central Business District.

The main achievements are:

1.Strengthen advantageous enterprises

(1) Implement the headquarters clustering program

The Yangtze River Delta Private Enterprise Headquarters Clustering Zone and Hongqiao LinKong Multinational Corporation (Headquarters) Science and Technology Park were constructed, with more than 500 headquarters-type enterprises being introduced. Among them, 127 are headquarters of multinational corporations and foreign-funded R&D centers, 84 of which are headquarters of domestic-funded enterprises and trade-oriented headquarters.

(2) Develop advantageous industries

The construction of industrial parks such as the New Hongqiao International Medical Center has been fruitful. Emerging industries such as the digital economy, life science and technology, software and information, intelligent manufacturing, new energy and other new industries have been rapidly clustered. As of 2023, a cumulative total of 304 projects of key industries and investments were introduced, with a total contracted investment of 154 billion yuan, a yearly increase of 54 percent.

(3) Enhance scientific and technological innovation capacity

Beidou Navigation Industry Innovation Base and Shanghai International Medical Technology Transformation and Innovation Center have been successfully constructed. At present, more than 200 small and medium-sized enterprises with specialties are sited, and more than 10,000 scientific research and technical service enterprises have been established.

2.Build platforms to serve the integration of the Yangtze River Delta

(1) Build a platform for enterprises "going out"

Hongqiao Overseas Development Service Center has been set up, and platforms such as Shanghai "Belt and Road" Comprehensive Service Center (Hongqiao) and RCEP Enterprise Service Consultation Station (Hongqiao) have been improved. The business district has introduced 37 international trade and investment promotion organizations, 84 legal service organizations and 209 human resource service organizations.

(2) Improvement of the "bringing in" platforms

The hub maintained the platform for year-round exhibitions and sales, added the new industrial products debut platform of the Imported Commodities Exhibition and Trading Center, supported Hongqiao Pinnacle and Greenland Trade Port to open 36 sub-centers in the Yangtze River Delta and other regions, It is ranking first in cross-border import trade volume of the Bonded Logistics Center (Type B) in Shanghai in 2023.

(3) Build a new platform for international trade

A number of productive Internet service platform enterprises were established, with the promotion of the development of the Hongqiao Trade Digital Empowerment Center and the International Cultural and Creative Gaming Center, and the initiation of the construction of the "Silk Road E-commerce" digital technology application center.

3.Establish an internationalized central business district

(1) Develop specialized spaces with a long-term vision

Special planning for the business district and surrounding areas to optimize the layout of the hub has been carried out. There is also a transportation plan for the business district and a special plan for an international-level consumption cluster in the western part of Shanghai, so as to build a comprehensive transportation hub as well as a trade circulation center that connect the world and unit with the Yangtze River Delta.

(2) Improvement of infrastructure construction

The main structure of the first opened section of the Airport Liaison Line was opened, and the westward extension project of No. 71 bus was completed and operated. This improves the subway lines in the demonstration districts, the subway Jiamin Line and the West Crossing Plaza of Hongqiao Hub.

A number of landmark projects such as Qianwan Park have begun construction, 22,500 units of guaranteed rental housing have been built and are under construction. Public service facilities such as high-level education, medical care, culture and sports have been improved.

(3) Regional renewal of the city

There are a number of projects of upgrading the city and creating high-quality public space, which are scheduled to be launched this year. Meanwhile, several districts are promoting the transformation of urban villages within 151 square kilometers. Among them, the project of Panglong Tiandi has achieved great transformation, being one of the benchmark projects for urban village transformation in Shanghai.

4.Optimization of business environment

(1) Effective implementation of policies

In 2023, Shanghai implemented the investment-inviting "24 Policies" as well as the regulations on the Hongqiao CBD, introducing corresponding encouragement and guidance, setting up a new round of special development funds.

(2) Gather talented personnel

Events such as the Hongqiao Talent Development Conference and talent recruitment were regularly held, with the building of a one-stop service center for expatriates, continuing to optimize the Human Resource Service Industrial Park and Hongqiao International Business Talent Port.

(3) Business services

  • Apparent improvement of the investment promotion mechanism
  • Implementation of the International Business Partnership Program
  • Organization of a series of investment promotion activities such as the Hongqiao HUB Conference and Entrepreneurs' Roundtable
  • Improvement of the enterprise service center in the Hongqiao CBD
  • Popularization of "one-stop" online service platform
  • Introduction of enterprise financing, intellectual property rights, technology transactions and other resources
  • Building of an interactive platform between the government and enterprises.

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