Shanghai's Hongkou district targets high-quality growth on North Bund

Standing at the intersection of the Huangpu River and Suzhou Creek, Shanghai's Hongkou district is striving for further high-quality growth on the North Bund, with a focus on sectors such as urban renewal, international shipping and finance, officials said at a news conference on Wednesday.

During the 14th Five-Year Plan (2021-25) period, the district's GDP grew to 150 billion yuan ($21 billion) with an average annual growth rate of 4.8 percent, while the total fixed-asset investment expanded to 30 billion yuan, with an average annual growth rate of 7.8 percent, said Li Qian, the district's Party secretary.

Li pointed out that the five-year period marked the first five-year phase of a new round of development and construction on the North Bund. Over the years, the district has continuously carried out urban renewal projects, aiming to improve residents' livelihood and drive regional economic growth.

International shipping and finance remain the backbone industries of the district's economy. Over the last five years, Hongkou's shipping brokerage services accounted for approximately 60 percent of the city's total, with its vessel capacity representing nearly 70 percent and water transport turnover constituting about 80 percent. Over 90 percent of maritime customs clearance at Shanghai port is completed on the North Bund, said Chen Shuai, the district's deputy head.

Chen added that the district's financial sector has achieved over 50 percent growth in both added value tax and tax revenue over the past five years. In addition, the district has also attracted over 2,100 financial companies, hosting a large number of China's public funds, risk management subsidiaries, and quantitative private funds with assets exceeding 10 billion yuan.

Looking ahead in the 15th Five-Year Plan (2026-30) period, the district is committed to building a culturally flourishing and livable district for talents from across the world. It will also continuously optimize its business environment and enhance the integrated development of shipping, finance, trade and technology, officials said.