World-class CBD taking shape as Jing'an pushes expansion
Shanghai's downtown Jing'an has proposed to expand its central business district in a deliberate drive towards creating a world-class CBD, according to a plan unveiled during the fifth China International Import Expo.
The expansion plan will include the burgeoning areas in Suhe Bay, Daning and Shibei, in additional to the current Nanjing Road W. It's similar to the planning of the New York CBD which consists of areas surrounding Times Square and Hudson Square.
"A world-class CBD plays an important role in helping Shanghai become a world-class city," Wang Hua, director of Jing'an, said, noting that the new CBD area will provide nearly 4.7 million square meters of offices.
At the center of Shanghai, Jing'an fetched more than 84 billion yuan (US$11.63 billion) of tax revenues in 2021, with a year-on-year increase of 22.7 percent. Meanwhile, foreign business contributed nearly 55 percent of total tax revenue netted by Jing'an in 2021, ensuring its first-place standing in Shanghai's downtown districts for five consecutive years.
The bustling Nanjing Road W., home to lines of imposing office buildings and over 2,000 renowned brands at home and abroad, is a main contributor. But that's not enough to make world-class CBD. Hence, Suhe Bay in the center of Jing'an, and Daning and Shibei in north Jing'an are included.
As its name suggests, Suhe Bay refers to areas surrounding Suzhou Creek. With the completion of its cleanup campaign and ongoing environmental improvement, it has grown into one of the more sought-after areas in the city by high-end businesses such as asset management and human resources. While Daning and Shibei areas have morphed from smokestack industries to a livable community. To be specific, Daning focuses on media, film, eSports, anime and other related industries, while Shibei is home to hundreds of firms in big data, IoT, artificial intelligence and other cutting-edge sectors.
Wang believes Jing'an can take advantages of its locations and industries to create a world-class CBD led by Nanjing Road W.