Shanghai's Minhang advances open development of Hongqiao CBD

Shanghai's Minhang district stipulated clear targets and measures in a recently released document regarding the high-level development of the Hongqiao International Central Business District, local media reported.

The document specifies 18 key tasks and four safeguard measures.

According to the document, the district is aiming to build up the core zone of the Hongqiao Hub for International Opening-up and establish the functional framework and institutional system of the international CBD and trade center by 2025. The district is also aiming to enhance the capacity for global resource allocation and fully leverage its role in serving the Yangtze River Delta region and connecting with international markets. 

In addition, the district will strive to establish new advantages in areas such as modern services, the digital economy, and green and low-carbon development, and form leading industry clusters for fields like bio-medicine and new energy that generate over 100 billion yuan ($13.9 billion) in annual revenue. The goal is to create a dynamic growth pole in the Yangtze River Delta region that can serve as a bridge connecting international and domestic markets.

The key tasks identified in the document also include the construction of a high-level international CBD, the establishment of a globally oriented, high-level headquarters gathering place, and the implementation of measures to enhance the capabilities of headquarters enterprises in value chains, industrial chains and innovation chains. 

The district also plans to create a leading high-end modern services hub in China and establish a comprehensive service mechanism with multi-qualification expertise. Additionally, efforts will be made to develop a new hub for scientific research and innovation economy, focusing on bio-medicine and new energy industries. 

Promoting the development of the digital economy, constructing an open and shared international trade center, and improving the capabilities of serving the Yangtze River Delta region and connecting with international markets are also part of the plan.

To support these initiatives, Minhang district will strengthen the development of specialty financial services, such as trade finance and green finance, and attract commercial banks, trust companies, and securities institutions to gather in the CBD to serve small and medium-sized enterprises in the Yangtze River Delta region.