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The Hongqiao International Central Business District, situated in the western part of Shanghai and known for luxury trade, services, and exhibitions, is experiencing accelerated economic growth fueled by a surge in major projects within emerging industries.
During the first nine months of the year, retail sales of consumer goods in the area increased by 18%, reaching CNY47 billion (approximately USD6.6 billion). Imports and exports grew by 16%, totaling CNY73.6 billion, while industrial output from enterprises with annual revenues of at least CNY20 million (around USD2.7 million) rose by 19% to CNY51.7 billion. These figures were shared at the district’s recent annual investment promotion event.
Adjacent to Shanghai Hongqiao International Airport, the district attracted 616 significant projects with a combined investment of CNY34.6 billion, each valued at over CNY10 million. The number of new companies establishing themselves in the area increased by 18%, reaching 7,137.
Shanghai’s overall economy expanded by 5.5% in the January–September period, totaling CNY4.07 trillion (about USD571.4 billion). Retail sales of consumer goods rose by 4.3% to CNY1.23 trillion, while foreign trade increased by 5.4%, reaching CNY3.34 trillion. Exports grew by 11%, and imports saw a 1.1% uptick.
A key focus for the district’s growth is the headquarters economy, which has attracted 56 headquarters enterprises over the past year, collectively generating over CNY280 billion (roughly USD39.3 billion) annually. Among these, one reported revenues exceeding CNY100 billion, while seven others surpassed CNY10 billion. These companies operate in vital emerging sectors such as photovoltaic energy storage, intelligent vehicles, and the digital economy.
The district is emerging as one of Shanghai’s fastest-growing hubs for headquarters institutions, according to Guo Peng, general manager of a smart energy services company. He pointed out that the district provides ideal resources and financial backing for tech firms looking to establish a foothold in the Yangtze River Delta and expand nationally and globally.
For medical device firms that require seamless communication with clinical experts and supply chain partners, the efficient transportation infrastructure in Hongqiao offers a significant advantage by reducing physical distances and business opportunity costs. Huang Xuesong, managing director of Weiheng Medical Technology, emphasized this benefit.
The district’s governing committee actively supports local businesses in scaling up and aiming for international markets. It promotes the cross-border flow of goods, capital, technology, and talent, facilitating easier global expansion, according to Deputy Director Kong Fu’an.
Hongqiao’s collaboration with prominent domestic and international professional service providers, including KPMG and Wolters Kluwer, has resulted in a network connecting over 150 countries and regions, with 48 global organizations facilitating investment and trade. The district also offers legal, HR, and business services and has implemented innovative measures to make cross-border personnel exchanges more convenient.
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