The Minhang Area of the Hongqiao International Central Business District (CBD) witnessed remarkable economic growth in 2023 and was home to over 25,000 companies, including 250 headquarters of major enterprises. This boom led to a 46.7 percent year-on-year surge in tax revenue, which totaled 10.02 billion yuan ($1.39 billion).
The Minhang District Government's recent report highlights its commitment to developing the Hongqiao International CBD. The focus is on expanding its headquarters economy and fostering biopharmaceuticals and new energy industries worth hundreds of billions. This includes launching 10 significant projects and accelerating 15 ongoing ones to enhance the area's industrial capacity.
A key development in the area the Wego (Shanghai) International Research Institute in Huacao town. Slated for completion in mid-2024, the institute will become a strategic hub for the Wego Group's global growth and a cornerstone for a future health industry cluster in the region.
Local leaders like Zhou Shengchun, Party committee secretary of Huacao town, have been prioritizing the provision of support for businesses in the Hongqiao International CBD. For example, they have emphasized the importance of urban redevelopment and effective planning to transform the region into an internationalized city.
Minhang is rapidly becoming a center for the biopharmaceutical industry and has been attracting many domestic and international companies. Efforts are also underway to enhance this sector through the introduction of new projects and urban development.
In line with the national "dual carbon" goal, Xinhong street has been attracting top new energy companies and bolstering Hongqiao International CBD's emerging industries. Current investment strategies are focused on leveraging regional strengths in international trade and professional services to encourage industry clustering.
The South Hongqiao Group is at the forefront of these efforts and manages a control platform for efficient urban infrastructure management. This ensures focused and high-quality growth.
Hongqiao International CBD's collective approach demonstrates its dedication to growing its headquarters economy and creating an environment that is ripe for rapid and sustainable growth.
A rendering of Qianwan Area of the Shanghai Hongqiao International CBD. [Photo/WeChat account: minhangnews]
