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South Hongqiao Area surpasses development goal

LMS| Updated: January 12, 2023

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The South Hongqiao Area boasts dynamic growth. [Photo/WeChat account: minhangnews]

The South Hongqiao Area, namely the Minhang Area of the Shanghai Hongqiao International Central Business District, brought in contracted foreign investment of $1.08 billion from January to November 2022, with the actual use of foreign capital totaling $610.71 million, which exceeded its annual goal for 2022.

Seventy foreign-funded companies and 1,114 domestic-funded companies were newly set up in the area during the first 11 months of 2022, including three regional headquarters of multinational companies and seven headquarters of domestic companies.

Centered on the national strategy of building the Hongqiao International Opening-up Hub, the area has developed a modern service industrial cluster involving trade platforms, the digital economy, consumption brands, new energy, high-end technology and biological medicine.

In addition, a number of service platforms for international trade and legal and business services have been set up to boost the area's high-quality industrial development.

The first phase of the Import Commodity Exhibition and Trade Center has a floorage of 400,000 square meters and is home to more than 70,000 types of commodities from over 90 countries and regions.

Building A of the second phase was recently put into use and serves as a year-round exhibition and trade platform that integrates bonded exhibitions and trade, wholesale and retail, logistics and storage, and customs clearance.

The Hongqiao International Central Legal District is home to 29 law firms, one notarization institution and five technology law organization, which offer comprehensive legal support.

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