During a press conference on March 2, the Shanghai municipal government highlighted the extraordinary progress of the Hongqiao International Open Hub.
Following the National Development and Reform Commission's release of the construction framework plan in February 2021, the Hongqiao International Business District (Hongqiao International CBD), situated at the heart of the hub, attracted over 500 corporate headquarters.
The Hongqiao International CBD has masterfully integrated innovation, commerce, exhibitions, and transportation, igniting an impressive annual compounded growth rate of over 20 percent in its tax revenue. Its main economic indicators surpass the citywide average in Shanghai, positioning it as a crucial "stabilizer" in the economic advancement of strategic regions.
The Hongqiao International CBD has rapidly united a broad spectrum of global and local corporate headquarters through a comprehensive array of strategies. To date, 127 of these entities, including foreign-funded research and development centers, have received municipal recognition, with an additional 84 acknowledged by the business district itself. This distinction has established the district as an elite destination for corporate headquarters.
Moreover, the district has dedicated significant resources to sectors such as high-end services, trade, and exhibitions. This effort has facilitated the development of specialized industrial parks, like the Hongqiao Linkong Business Park, the New Hongqiao International Medical Center, and the Beidou West Hongqiao Base.
The hub's commitment to advancing innovation and technology attracted 304 major investment projects in 2023 alone, with an investment total of 154 billion yuan ($21.4 billion) — a 54 percent increase from the previous year.
With more than 200 specialized SMEs and over 10,000 science and technology firms now congregated in the Hongqiao International CBD, the Hongqiao International Open Hub is set to lead Shanghai's continuous economic development and innovative initiatives.
The success of the Hongqiao International Open Hub exemplifies Shanghai's ambitious and proactive approach to enhancing its economic infrastructure, which only affirms the city's commitment to fostering a vibrant center for business and innovation.
