North Bund becomes Shanghai's new global gateway

Foreign companies and investors looking at China's future are increasingly turning their attention to the North Bund in Shanghai, officials said on Tuesday.

Over the past five years, the riverside area in Hongkou District has become one of the city's most ambitious redevelopment zones. It is now a hub for global finance, shipping and innovation.

Nearly 2,000 firms from 75 countries and regions now operate in Hongkou. In 2024 alone, foreign investment in the district rose by 35.8 percent.

Major firms such as Aegon, Amundi, Mitsui O.S.K. Lines and Hellmann have set up offices. Many of them are based on the North Bund.

Once an industrial dockland, the North Bund has undergone a transformation led by large-scale construction, business investment and urban planning.

Since 2020, Hongkou has launched or completed 46 major projects in the area. Together, these developments span more than 3 million square meters, roughly the size of 420 standard football fields.

At a press briefing on Tuesday, Li Qian, Party secretary of Hongkou, said the district has attracted 335 investment projects in the past five years, each worth at least 100 million yuan (US$13.9 million). In total, more than 300 billion yuan has been invested.

"The North Bund is no longer a plan on paper. It is now a place where people live, work and connect globally," Li said. "This is not just a facelift. It is a new window into modern China."

Key buildings have already changed the skyline. The Grand Halls, opened in 2021, now hosts major conferences. A 480-meter skyscraper, still under construction, is set to become a new city landmark.

The 320-meter Sinar Mas Plaza has opened its viewing deck on the rooftop, offering panoramic views of the city.

Other developments include new office towers, talent apartments, and retail centers.

To move projects forward quickly, Hongkou created a streamlined approval system. In some cases, developers have gone from buying land to starting pre-sales in just four months.

Lu Ming, director of the district, said the goal is to support businesses with fast service and clear rules.

"We focus on helping projects start early, build fast, and open smoothly," he said.

The North Bund has also become a center for shipping and finance. More than 4,700 shipping companies operate here, managing close to 70 percent of Shanghai's shipping capacity. Shipping price indexes published in the area now serve as key references for global trade.

Finance is also growing. Over 2,100 financial firms have opened offices in the district. Together, they manage assets worth more than eight trillion yuan. These industries now account for nearly half of the local economy.

The district is pushing forward on green development as well. China's national carbon trading system is based here, supporting the country's climate goals.

Over the past five years, Hongkou's annual public budget income grew by 12.3 percent. In 2024, its GDP rose by 8.2 percent. The district has also opened new science and tech parks, drawing talent and startups in biotech, fintech and creative design.

The North Bund is also becoming a social and cultural space. A 3.4-kilometer riverside walkway connects cruise terminals, public parks and event venues.

Events such as the F1 Carnival and the Shanghai International Coffee Festival draw large crowds. On busy days, up to 180,000 people visit the area.

Li said the next phase will focus on attracting more global firms and building a smarter, greener, and more open economy.

The next five years will focus on turning the North Bund into a stronger engine of global integration, innovation, and sustainable city living.

Li said the area will continue to grow as a core part of Shanghai's economy and urban identity, while offering more opportunities for international companies and partners.