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January 21, 2022

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Hongqiao International Central Business District – a hub to link all cities within the YDR region

Shanghai’s Hongqiao area closed out 2021 with robust growth and is gunning for high-quality development at a faster pace this year.

At the beginning of 2022, the Hongqiao International Central Business District released its blueprint for the major tasks and goals of this year’s development.

It will strive to achieve a year-on-year increase of over 25 percent in tax revenue, with major economic indicators growing faster than the city’s average, according to Bao Bingzhang, executive deputy director of the Hongqiao International CBD administrative committee.

More than 50 corporate headquarters of various types are expected to open in the area this year, along with no less than 15 new organizations and associations connected to foreign businesses.

What’s more, over 20 special activities will be held by the administrative committee to promote investment.

Covering a total of 151 square kilometers, the Hongqiao international CBD, Hongqiao’s core area, is set to promote a headquarters economy, gather high-end businesses, optimize transportation-hub functions and create an innovative environment.

Looking back over the past year, the CBD saw steady progress in various economic indicators with a growth rate above the city’s average.

As highlighted, tax revenue, fixed asset investment and total retail sales of social consumer goods all posted double-digit growth.

Bao also noted Hongqiao is to become an international urban area and an open hub with improved ecology that will enhance the integrated development of the Yangtze River Delta region.

Of the 29 key policies and measures stated in an overall plan for the area, 25 have been practically put into effect so far, proof of great efforts made by the authorities.

Vincent Lo, chairman of Hong Kong-based real estate development firm Shui On Group, said Hongqiao has a big advantage thanks to its position as a focal point of the Yangtze River Delta region to attract international businesses.

“The Hongqiao hub will become a first choice for overseas companies and many will set up their headquarters here,” he said. “To reach this goal, the area needs to further detail its planning and enhance the quality of its services.”

Facing 2022, the CBD aims to speed up the construction of a new development pattern, give full play to its role as the “core” of the Hongqiao area and develop into a first-class international CBD.


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