Four economies to boost Hongqiao development

The Changning area of the Hongqiao International Open Hub will focus on the development of airport economy, digital economy, headquarters economy and open economy.

The four economies agglomerated more than 4,000 enterprises and contributed nearly 89 percent of tax revenue in the region last year.

During the 14th Five-Year Plan period (2021-2025), the Changning area of Hongqiao International Central Business District will enhance the “four functions” of global resource allocation, scientific and technological innovation, high-end industry guidance and opening-up hub portal, and strive to build a strong and active national airport economy demonstration area, Shanghai headquarters high ground and Shanghai digital economy transformation benchmark area.

Since an overall development plan was approved by the State Council last February, Shanghai’s Hongqiao area has laid a great foundation for innovation and growth of key industries.

The Hongqiao International Hub for Opening-Up, with a functional layout of “one core, two belts” covering 7,000 square kilometers, saw its gross domestic product reach 2.58 trillion yuan (US$408.7 billion) last year, said Shanghai Vice Mayor Zong Ming, also director of the Hongqiao CBD administrative committee, at a meeting to commemorate the anniversary.

That means the hub, which is less than 2 percent of the entire Yangtze River Delta region, accounted for nearly 10 percent of the overall economic output in the region.

As the authorities noted, of the 104 key tasks assigned in the plan, 99 have been practically put into effect.

As Hongqiao’s core area, Hongqiao International Central Business District has made great progress in this period.

Covering a total of 151 square kilometers, the CBD posted tax revenue of 34.6 billion yuan in 2021, an increase of 29.1 percent year on year, 11.7 percentage points higher than the city’s general growth.

Retail sales of social consumer goods in the CBD rose by 12.4 percent year on year, and the industrial output of enterprises above the “designated size” － those with an annual main business income of over 20 million yuan － jumped 16.6 percent from a year earlier.

The professional service industry has been concentrated and developed, establishing the Hongqiao International Service Provider Alliance and starting the construction of the Hongqiao International Central Legal District.