Hongqiao builds bridges to the future

Real estate investment trusts are being introduced to finance infrastructure projects, according to the plan, which is also aimed at attracting high-caliber workers and foreign talent to work and live in the area.

Visas and permanent residence policies will be drawn up for qualified foreign talent, schools will be built for foreigners' children, rules laid down for overseas healthcare professionals practicing in clinics, and approval given for foreign companies to open cultural venues such as theaters, cinemas and concert halls.

Yao Kai, professor of business management at Fudan University, said Shanghai, the Chinese city with the most foreigners, has tested many of the policies to make overseas arrivals feel at home.

"Introducing these policies to the Hongqiao International Hub will make the Yangtze River Delta a magnet for global talent," he added.

The plan states that the authorities will promote the exhibition and convention industry in the region, make full use of the China International Import Expo as a global resource allocation and goods distribution platform, and support companies in the area to open free trade accounts with cross-border finance services.

Chen Weili, deputy director of Hongqiao Central Business District, said it is home to more than 70,000 companies, where 380 of them have established their global or regional headquarters.

"We aim to attract 3,000 companies to settle in the core area of the district and we will build more bonded warehouses and exhibition centers to further enhance the spillover effect of the China International Import Expo," Chen said.

Policies tested

Many experts equate the Hongqiao International Hub with two other major national strategic zones involving Shanghai－the demonstration zone for integration of the Yangtze River Delta and the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone. They feel that Hongqiao acts as a bridge between the two.

Both zones－tasks set for Shanghai by President Xi Jinping－were established in 2019.

Gao Ping, deputy director of the Shanghai ZhongChuang Institute for Industry & Innovation, said, "The Lingang area is playing the trade liberalization card, the Yangtze River Delta is playing the regional cooperation card, and the Hongqiao area is focusing on connection."

He said the plan for the Hongqiao International Hub includes policies first tested in the Yangtze River Delta integration demonstration zone and the Lingang special area, such as allowing eligible companies in the Hongqiao Central Business District to open free trade accounts.

"I think the Hongqiao hub will employ more opening-up policies from Lingang and more policies from the Yangtze River Delta demonstration zone that break provincial barriers," Gao added.