In light of local companies' robust demand in seeking international operation and improving their global competitiveness, Hongqiao International Central Business District will deepen its opening-up and attract more professional service providers at a faster pace, Kong Fu'an, Party secretary of the district's administrative committee said during a press conference on Friday.

More high-level service providers should be attracted to set up operations in the district, which is the core area of the four-year-old Hongqiao International Opening-up Hub, according to Kong. Meanwhile, the district should be home to more international business headquarters of the companies based in the wider Yangtze River Delta region, he said.

To serve that goal, the manufacturing sector in the Yangtze River Delta region should forge closer ties with the service providers in the district so that they can better tap into the international market. The advantageous production capacity, high-quality equipment, applicable technologies and standards accumulated in the region can be thus better promoted to the rest of the world, he said.

Service providers will be supported to consolidate their international networks to better serve companies' outbound attempts, he added.

According to Kong, government departments within the district have established connections with 46 countries and over 130 overseas economic and trade cooperation zones so that they can provide more precise services to the outbound companies. The district has come up with a special service guideline to address the core service needs when companies explore the overseas markets. One-on-one services are also available if the company has any special needs, he said.

In May, the Hongqiao Global Investment and M&A Online Project Pool was launched. Information regarding overseas financing and investment is updated on the library so that the domestic companies can connect to the overseas projects more precisely, according to Kong.

The Hongqiao Overseas Development Service Center, which was officially launched in August, is another major step toward serving companies' outbound reaches, according to Kong. To date, the center has gathered over 500 international professional service providers covering finance, law, tax, intellectual property rights and human resources.

Hongqiao International Central Business District saw its 2024 total import and export value for goods surged 13 percent year-on-year, while that for trade-in services spiked 80.9 percent. Its export value with partner countries included in the Silk Road e-commerce program also jumped 48.5 percent from a year earlier.

Figures of Hongqiao International Opening-up Hub

Area: 7,000 square kilometers

GDP: 3.2 trillion yuan

Economic density: 4.5 million yuan per square kilometer

Number of exhibition companies: 426

Number of Silk Road e-commerce national pavilions: 22

Export value with Silk Road e-commerce partner countries: +48.5% YOY

Figures of Hongqiao International Central Business District (core area of Hongqiao International Opening-up Hub)

Import and export value for goods: +13% YOY

Import and export value for trade in services: +80.9% YOY

Fixed asset investment: +15.5% YOY

Tax income: 50 billion yuan

Key projects: 600+, investment value over 300 billion yuan

Number of regional headquarters: 242

Ratio of technology service companies: 21.4%

Source: Shanghai municipal government, as of end 2024