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New regulations boost Hongqiao International CBD

LMS| Updated: November 8, 2022

The Regulations of Shanghai Municipality on Promoting the Development of Hongqiao International Central Business District took effect on Nov 1.

The regulations consist of nine chapters and 69 articles focusing on strengthening the international positioning, highlighting the advantages of its opening up and enhancing the hub function of the Hongqiao International CBD – located in Shanghai city in East China.

They clarify and standardize affairs – based on the actual situation of Shanghai – covering the planning, construction, management, service and guarantees for Hongqiao's development. They extend to the construction of an international CBD, building a new platform for an international trade center, improving the level of comprehensive traffic management and enhancing the ability to serve the Yangtze River Delta region and connect to the world.

According to the regulations, the modern high-end business services industry represented by business travel and exhibition is to be the development focus of Hongqiao.

In order to promote the internationalization, professionalization and branding of the CBD's service, the regulations take into account building a headquarters economy highland and serving the China International Import Expo – which takes place in Hongqiao every year – integrating exhibitions and conventions with industries and creating a modern services industry cluster.

In addition, the regulations stipulate the building of a global digital trade port, the normalization of relevant systems at the CIIE, the construction of an innovation demonstration zone for promoting the import trade and the enhancement of a public service supply system for the Belt and Road Initiative.

In particular, the regulations were crafted to strengthen the construction of the new Hongqiao International Medical Center, support the introduction of domestic and foreign advanced medical institutions and explore institutional innovations in related fields.

They also clarify that the CBD's management committee should regularly compile and release a Hongqiao Openness Index report, which reflects the degree of financial and trade facilitation, regional trade activity and the influence of exhibition activities.

For more details, please refer to the full article: Regulations of Shanghai Municipality on Promoting the Development of Hongqiao International Central Business District.

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