Jing’an is a place where the past and future coexist in vibrant harmony, and few places exemplify this dynamic better than the Suhewan Functional Zone, or simply, Suhewan.

Located along the banks of Suzhou Creek, Suhewan, also known as Suhe Bay, is undergoing a dramatic transformation, reshaping its role in the economic, cultural and technological landscape of Shanghai.

Stretching across 6.3 kilometers of shoreline and encompassing 4.2 square kilometers, Suhewan is one of the most strategically positioned areas in Jing’an, situated between the railway tracks in the north to Xinzha Road-Beijing Road W. in the south, and from Luofu Road–Henan Road N. in the east to Jiangning Road–Anyuan Road in the west.

With its “one river, two banks” layout, the zone offers an expansive waterfront that serves as an open space for business, culture and leisure — a reflection of the district’s broader vision of a modern, water-friendly urban environment.

The zone is no longer just a historical enclave, but an increasingly important global business and cultural hub.

Rich past

Nearly a century ago, Suhewan was the heart of Shanghai’s industrial and financial sectors. The area played a pivotal role in the early stages of China’s modernization, with key developments such as the country’s first silk reeling factory and major flour mills Yutong and Foh Sing taking root. This early industrial activity laid the foundation for Shanghai’s evolution into a global commerce hub, one of the driving forces behind what became known as China’s “Golden Corridor” of industry and trade.

In addition to its industrial legacy, Suhewan also holds deep historical significance in Shanghai’s financial rise. In 1902, the Shanghai General Chamber of Commerce was founded in the district, marking Suhewan as the birthplace of modern Chinese finance. By 1916, the area had become a center of national capital. Back then, it was home to 17 banking warehouses — including the iconic Sihang Warehouse — that helped solidify its status as a major financial hub.

Yet Suhewan’s story is not only about industry and commerce. The district is deeply imbued with Shanghai’s distinctive cultural heritage, often referred to as the haipai style, which blends Eastern and Western influences.

Suhewan boasts nearly 500,000 square meters of historical architecture, offering an enchanting fusion of Western buildings and traditional Chinese design. These structures, many of which date back to the early 20th century, serve as a reminder of Shanghai’s multicultural past, and they continue to shape the district’s identity today.

Among the most notable landmarks in Suhewan are the former residences of influential figures such as ink-wash painter Wu Changshuo, revolutionary leader Song Jiaoren and wartime hero Lieutenant Colonel Xie Jinyuan. These cultural touchstones provide a glimpse into the district’s vibrant past, adding to Suhewan’s rich historical and cultural cachet.

Other sites of historical importance include Tianhou Palace, Shanghai’s largest temple dedicated to Mazu, goddess of the sea. Dating back to the late 19th century, this temple remains an important symbol of Shanghai’s maritime heritage. Shenyuli, a neighborhood once known for its well-preserved shikumen (stone-gate) houses, further underscores the area’s historical significance, offering a snapshot of life in 1930s Shanghai.

Revitalizing the waterfront

In the second half of the 20th century, Suhewan faced a period of decline. Yet, in recent years, urban renewal efforts have brought new life to this historic neighborhood, which is now undergoing an ambitious transformation.

The zone’s revitalization is part of Shanghai’s broader strategy to rejuvenate its waterfront districts, particularly under the “One River, One Creek” initiative. This project, which is central to Shanghai’s 14th Five-Year Plan (2021-2025), aims to create a world-class central business district along the Suzhou Creek waterfront.

Suhewan has become a magnet for businesses and investors from around the world. Its prime location, combined with its historical charm and modern amenities, has made it an attractive destination for multinational corporations, particularly in industries such as finance, technology, life sciences and cultural innovation.

Suhewan’s growing prominence as a business hub was underscored in 2023 during the district’s participation in the “Our Water” initiative, a river-inspired event designed to foster global exchanges between Shanghai and other major cities.

This year’s event, which took place in Paris in April, was aimed at exploring opportunities for collaboration between Suhewan and La Défense, one of Europe’s leading business districts. This international attention set the stage for further global partnerships, raising Suhewan’s profile on the world stage.

In October, Suhewan took another significant step forward in its global aspirations when it welcomed a high-level delegation led by Pierre-Yves Guice, CEO of Paris La Défense and chairman of the Global Business District (GBD) Innovation Club. The delegation, which included leaders from major business hubs such as Casa Anfa in Morocco, Dublin Town in Ireland and Chicago Loop in the US, visited Suhewan to explore potential partnerships and cross-border cooperation.

The visit highlighted Suhewan’s growing role as a center for global innovation. During their trip, the delegation toured key locations such as AstraZeneca’s global R&D center and iCampus, an innovation incubator supporting healthcare startups. These visits emphasized Suhewan’s increasing importance in fields such as life sciences and technology, with the district emerging as a hub for cutting-edge industries.

The trip also culminated in the formation of a strategic partnership between Suhewan and the GBD Innovation Club, marking a milestone in the zone’s ambition to become a leading global business center. The partnership includes the launch of the “Learning Expedition @ Suhewan,” a program aimed at fostering future exchanges between global business leaders and Suhewan’s growing entrepreneurial ecosystem.

Hotspot for investment

Suhewan’s strategic location, business-friendly environment, and burgeoning innovation sector are making it one of the most attractive investment hotspots in China.

In 2023, Suhewan generated 11.62 billion yuan (US$1.6 billion) in tax revenue, reflecting a robust 14.71 percent increase over the previous year. It has continued this upward trend in early 2024, with the first quarter alone generating 3.5 billion yuan. These figures reflect the growing appeal of Suhewan to international companies and investors.

Today, more than 20 regional headquarters of multinational corporations have set up shop in Suhewan, including global giants Roland Berger, WPP, Coach, AstraZeneca and Sumitomo Mitsui DS Private Fund Management. These companies span a variety of industries, from consulting and finance to healthcare and consumer goods, helping to create a diverse and vibrant business ecosystem in the district.

A key element in Suhewan’s business appeal is its focus on innovation. The district is home to a growing cluster of life sciences companies, tech startups, and cultural industries.

Suhewan also plays an important role in Shanghai’s broader financial ecosystem. With over 500 financial institutions now operating in the area, Suhewan is becoming a key center for China’s financial services sector.

The area’s prominence as a global business hub is further underscored by high-profile events like the 2024 Suhewan Conference. Held by Jing’an District and the Global Asset Management Forum, this event brought together senior executives from global financial institutions and industry experts to explore financial cooperation and common development.

Cultural influence

Meanwhile, Suhewan is also becoming a cultural powerhouse.

The launch of the “Art Ripples” campaign in 2023 was a pivotal moment in its cultural renaissance. The initiative has helped turn Suhewan into an art corridor, with more than 170 cultural spots now dotting the waterfront.

The initiative has also helped to establish Suhewan as a major cultural destination, with the district hosting high-profile events such as the Shining Shanghai Festival and the Shanghai River Regatta. These events have brought large crowds to the area, turning Suhewan into a year-round destination.

One of the most anticipated events this year is the “Art Ripples” Jing’an 2024 Festival, which kicked off this month. The festival runs throughout the month and offers over 50 events, including art exhibitions, live performances and immersive cultural installations. The festival has turned the district into a vibrant outdoor gallery, with cultural happenings spilling into local streets and waterfront spaces.