Shanghai Hongqiao fuels innovation, global connectivity in YRD

In the last three years, the Hongqiao International Open Hub has emerged as a pivotal force in the economic landscape of the Yangtze River Delta (YRD) region, marking significant milestones in its growth and development.

With an impressive increase in its GDP from 2.3 trillion yuan ($319.7 billion) in 2020 to 2.8 trillion yuan in 2023, the hub stands as a testament to rapid economic advancement, boasting an economic density of 400 million yuan per square meter. This figure is 4.7 times the average of the YRD region, highlighting Hongqiao's role as a new engine for regional integration.

In 2023, Hongqiao International Open Hub's GDP marks a robust 12 percent increase compared to three years prior. [Photo/chinadaily.com.cn]

The Hongqiao International Central Business District (Hongqiao International CBD) showcases a dynamic growth in pillar sectors, particularly in emerging industries such as the digital economy, life sciences & technology, software information, smart manufacturing, and new energy.

Hongqiao International CBD emerges as a hub for key sectors. [Photo/chinadaily.com.cn]

In a bid to further bolster its economic stature, Hongqiao introduced 304 major industrial and investment projects in 2023, valued at 154 billion yuan, marking a substantial 54 percent increase year-on-year.

The area's thriving industrial ecosystem, coupled with its numerous R&D centers and a rich portfolio of innovative products and technologies, continues to propel Hongqiao International CBD to new heights in the scientific and technological innovation sector.

The Hongqiao International CBD is home to over 200 SMEs and more than 10,000 firms. [Photo/chinadaily.com.cn]

Efforts to enhance the global reach of enterprises within the YRD region have accelerated thanks to the establishment of the Hongqiao Overseas Development Service Center and the introduction of international agencies and institutions. These initiatives aim to open up more overseas opportunities for local companies, facilitating their expansion on the global stage.

Hongqiao International CBD is dedicated to supporting businesses that want to grow globally. [Photo/chinadaily.com.cn]

Hongqiao International Open Hub has also become a magnet for visitors from all walks of life. Over the last three years, the Hongqiao transportation hub has facilitated nearly 900 million passengers, showcasing its vital role in linking the region to the rest of the world.

In 2023, the Hongqiao transportation hub facilitates 407 million passengers. [Photo/chinadaily.com.cn]

Through these endeavors, Hongqiao continues to embody its vision of fostering open and inclusive economic growth, making significant strides towards becoming a leading international open hub.