Hongqiao International Central Business District is an international business hub. [Photo provided to en.shhqcbd.gov.cn]
The efforts made by Shanghai's Hongqiao International Central Business District (CBD) to boost development and international trade throughout 2024 yielded fruitful results, according to the CBD's administrative committee.
In 2024, Hongqiao CBD's total import and export value of goods reached 85.64 billion yuan ($11.6 billion), representing a year-on-year increase of 12.96 percent.
The top three countries of origin for imports were the United States, Switzerland, and Germany, while the leading export destinations were the United States, Japan, and Germany.
Imports from Vietnam saw the highest growth, surging by 61.39 percent, while exports to Brazil increased by an impressive 215.12 percent.
Trade with countries involved in the Belt and Road Initiative grew by 22.09 percent year-on-year, with mechanical and electrical products as well as high-tech products being the primary traded goods.
Last year, the CBD welcomed 27 new city-level headquarters, including regional headquarters of multinational companies, trade-type headquarters, and foreign-funded R&D centers, bringing the total to 238. It is now home to over 2,600 enterprises engaged in actual international trade activities and also added 10 key entities to its production-oriented internet service platforms, bringing the total to 35.
The Hongqiao Overseas Development Service Center, a comprehensive online and offline service platform, was established to support enterprises in their international ventures.
The center gathered 71 professional service institution alliance members, set up an ODI consultation service, and hosted hundreds of events to assist thousands of enterprises from the Yangtze River Delta region. The inauguration of its German branch center accelerated the formation of a global service network layout. The Greater Hongqiao Global Investment and M&A Online Project Database accumulated over 1,200 overseas fundraising projects and cross-border investment demands, with more than 300 new registered users, helping 354 registered enterprises find 124 project matches.
Cross-border e-commerce activities thrived, with the Hongqiao Bonded Logistics Center (Type B) handling 12.26 million import orders, a 32 percent increase year-on-year. The total transaction value exceeded 2.6 billion yuan, up by 49.72 percent, with the average daily order volume rising from 25,000 to 33,000 orders. The average order value remained above 200 yuan, positioning Hongqiao at the forefront in the city in terms of e-commerce sales amount and total order volume.
Moreover, the level of trade and investment liberalization and facilitation was significantly enhanced. The CBD saw the addition of 21 investment-type enterprises, bringing the total to 76, while registered capital increased by 1.56 billion yuan, amounting to 32.717 billion yuan. A total of 185 enterprises established FT free trade accounts, and nine financial institutions provided over 400 billion yuan in special credit limits.
Looking ahead to 2025, the Hongqiao International CBD aims to further advance its development through digitalization, internationalization, and green initiatives. By focusing on entity aggregation, institutional innovation, policy support, and platform construction, the district aspires to become a testing ground for reform and opening up, while also elevating the world trade platform to new heights.
