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More land set aside for finance offices

LUWAN District plans to add another 1.5 million square meters of land to build high-end business offices in five years to complement the existing 3.2 million square meters, the district government said yesterday.

The district will also provide tax incentives for financial service firms which locate their headquarters or key offices in the district, and provide better services to attract financial talents. These efforts serve to make the district more integrated as Shanghai is being developed into a global financial center by 2020.

"The district government plays an important role to help Shanghai carry out its target of becoming an international financial center," said Vice Mayor Tu Guangshao at the Luwan Financial Development Forum yesterday. "Officials at the district level have direct contact with companies and have a better understanding of their needs."

Located in the city's downtown area and covering 8.03 square kilometers, the district is home to Huaihai Road and the Xintiandi entertainment area, and also boasts the headquarters of many foreign companies.

The district, one of the city's major central business areas with 66 commercial buildings, boasts the highest proportion of the service industry in Shanghai. The added value of the service industry accounted for 94 percent of the total added value created in the district last year. Financial services produced 20.2 percent of the district's economy last year.


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