Jing'an sets out ambitious path for creating world-class CBD
Jing'an District, at the heart of Shanghai, has proposed expanding its central business district in a deliberate drive toward creating a world-class CBD.
The expansion plan will include the burgeoning areas in Suhe Bay, Daning and Shibei, in addition to the current Nanjing Road W., which is quite similar to the planning of the world's other renowned CBDs like the one in New York that 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.
Jing'an fetched more than 84 billion yuan (US$11.76 billion) in tax revenue in 2021, a year-on-year increase of 22.7 percent.
Meanwhile, foreign businesses contributed nearly 55 percent of the district's total tax revenue in 2021, ensuring its first-place standing among Shanghai's downtown districts for five consecutive years. Across the district, there are 110 headquarters of multinational companies.
Notably, the district's strong "building economy," in which commercial complexes are a big part, helps attract businesses. Statistics show tax revenues from 80 buildings have each exceeded 100 million yuan.
Besides, Jing'an gathers 78 GaWC175-listed service providers.
GaWC, or the Globalization and World Cities Research Network, is a think tank that studies relationships between cities around the world in the context of globalization. It has a list of 175 reputable service providers.
Those with offices in Jing'an include French bank BNP, consultancy firm Bain & Co, accounting firm KPMG, advertising agency Ogilvy & Mather, law firm Jones Day, Guotai Junan Securities, SAIC Capital, as well as multinationals Pfizer Investment, L'Oreal China and XNode Innovation Accelerator.
So, Wang believes that Jing'an can take advantage of its locations and industries to create a world-class CBD led by Nanjing Road W.
Currently, the bustling Nanjing Road W., home to lines of imposing office buildings and over 2,000 renowned brands from home and abroad, is a main contributor. But that's not enough to make a world-class CBD. Hence, Suhe Bay in the center of Jing'an, and Daning and Shibei in northern Jing'an will be 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 Shanghai by high-end businesses such as asset management and human resources companies.
Suhe Bay now provides about 640,000 square meters of high-quality offices, with another 770,000 square meters in the pipeline.
Meanwhile, Daning and Shibei areas have morphed from smokestack industries into a livable community.
To be specific, Daning focuses on media, film, eSports, anime and other related industries. It is now home to 315 film and TV companies and 33 renowned eSports firms. Shibei boasts hundreds of companies in big data, IoT, artificial intelligence and other cutting-edge sectors.