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Commercial zone nearing completion
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CONSTRUCTION of the Hongqiao Business Zone is progressing well and authorities are now preparing for its long-term development as a domestic and international commercial hub, officials said yesterday.
About 80 percent of the 352 buildings in the zone, as well as support facilities such as energy stations and pedestrian subways, are on course for completion within this year, said Chen Weili, deputy director of its management body.
According to official figures, companies based within the 3.7-square-kilometer core area of the zone contributed 960 million yuan (US$154.5 million) in tax revenue in the first half, or almost three times the amount generated in the same period of last year.
“After six years of construction work, the development of the zone is about to enter a new phase,” Chen said.
By 2020, it is expected to be at the forefront of the economic development of the Yangtze River Delta region and also a major contributor to the “One Belt, One Road” initiative, he said.
The initiative was proposed by President Xi Jinping in 2013 as a way to deepen China’s integration with about 60 countries in Asia, the Middle East and Europe through trade and investment.
As well as a diverse range of businesses, the zone, which straddles Minhang, Changning and Qingpu districts, is home to the National Exhibition and Convention Center, the biggest of its kind in China. Once fully developed, it will also feature six top-quality hotels and a comprehensive transport infrastructure, Chen said.
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