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April 26, 2023

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Home » District » Putuo

Putuo pushes technology and finance belt on ‘Half Marathon Suzhou Creek’

By Yang Jian | 00:02 UTC+8 April 26, 2023 | Print Edition

PUTUO District launched a “technology and finance industrial belt” along Suzhou Creek on Monday to tap into the construction of Shanghai’s international financial and scientific innovation centers.

The Push Plaza, covering 41,000 square meters in the Changfeng business area, was also unveiled to accommodate the technology and finance companies. It aims to become the bridgehead of Shanghai’s finance sectors.

Jiang Dongdong, Party secretary of Putuo, said the district has developed a characteristic financial development system to serve the construction of Shanghai’s international financial center and scientific innovation center.

“Putuo plans to create a ‘Half Marathon Suzhou Creek Industrial Belt,’ of which the ‘Technology Finance Belt’ is an important part,” Jiang said.

Putuo will give full play to its own advantages, promote the joint development of the real economy, technological innovation, modern finance and human resources to better empower high-quality development with finance, Jiang said at the opening ceremony for the plaza.

‘Suzhou Creek Talk’

The average growth rate of the district-level contribution of Putuo’s technology and finance sectors has reached 31 percent, ranking the first among Shanghai’s downtown districts in 2022, according to the district government.

A salon named “Suzhou Creek Talk” has been opened at the Finance Sitting Room of the Push Plaza, where experts and professionals will be invited to give lectures and share their experience with the public.

The inaugural talk was also held on Monday. Shanghai United Assets and Equity Exchange and the Shanghai Science and Technology Financial Industry Cluster jointly released a report to guide the city’s construction of international finance and global scientific innovation centers.

According to the report, Shanghai plans to build a new ecosystem that integrates technology, industry and finance as one of its four major functions.

Putuo has launched a scientific innovation foundation of 5 billion yuan (US$724 million) to attract more financial resources and capitals to its four major parks — the China Israel Innovation Hub, the International Innovation Center of Tsinghua University Shanghai, the Wuning Innovation Community, and Haina Town, a pilot zone for Shanghai’s digital transformation campaign.

A large swathe of financial companies have based themselves along the creek, along with banks, securities firms and research institutes of local universities. They will become the key part of the riverside finance belt, the district government said.

The 125-kilometer creek, which flows from suburban Qingpu District to downtown Waibaidu Bridge in Huangpu District, is the Huangpu River’s biggest tributary.

The longest part of the creek is in Putuo, accounting for half of its downtown section.

The “Half Marathon Suzhou Creek” has been mapped out on the 21-km-long riverside section in Putuo, which aims to become a “sitting room” for the Yangtze River Delta region.

As Suzhou Creek passes through Putuo, it flows through the history of Shanghai’s growth into an industrial city. Waterfront redevelopment preserves that heritage.

Many heavyweight financial institutes are based along the creek. The brand of the Shanghai SAIF Finance Institute of Jiao Tong University — the International Financier Forum “Equity Investment Professional Committee” — is situated there. Putuo has also signed strategic agreements with the Shanghai branches of Industrial Bank Shanghai, China CITIC Bank and PICC.

These institutes have not only contributed to the economic development of Putuo, but also community governance, citizens’ livelihoods and cultural and sports businesses, the district government said.

In May 2022, 18 banks and financial institutes raised their proportion of credit loans to 10 billion yuan, mainly for micro, small and medium-sized enterprises and longer-term loans. They’ve granted 4.2 billion yuan in loans to 563 companies.

Financial consultancy services

Putuo has also unveiled an inclusive financial consultancy service hub to provide more accurate assistance to the brick-and-mortar economy. The first batch of 23 members, including 14 banks, five security firms, two insurance companies, a state-owned investment platform and a credit reporting agency, have been selected to offer the financial consultancy services.

In its next step, Putuo will establish a consultant and service specialist team to offer professional financial services to support the micro, small and medium-sized scientific innovation enterprises.

The development of information technology and the Internet has promoted the innovation and transformation of financial instruments and financial services. In turn, the development of the financial industry also serves science and technology enterprises and the transformation of scientific and technological achievements.

Putuo has long had the resources and advantages to develop science and technology finance.

The district features dozens of major research institutes with national influence, such as the Shanghai Electrical Apparatus Research Institute (Group) Co and China Electronics Technology Group Corporation, as well as the Tongji University and East China Normal University.

A host of robotic industries and related companies are based in Putuo. The China-Israel Innovation Hub has become an important hub to drive the city government’s ambition to be a scientific and innovation center with global influence.

The hub, which was established in December 2019, is a major step in Shanghai’s implementation of a national strategy to promote Chinese and Israeli scientific technological innovation.

Leading Israeli incubators, such as Ehealth and Trendlines, which focus on medical and agri-food technology, have been operating in the hub to serve Israeli high-tech and start-up firms.

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