Press Release for Media Briefing of the Shanghai Municipal Government on May 13, 2025

2025.05.14

On the afternoon of yesterday (May 13), the Information Office of Shanghai Municipality held a media briefing. Zhang Yuxin, director of the Shanghai Municipal Bureau of Planning and Natural Resources, and Li Qian, Secretary of the CPC Hongkou District Committee, briefed the media on the achievements of North Bund’s development and construction over the past five years. Lu Ming, Deputy Secretary of the CPC Hongkou District Committee and district chief, Xu Mingqian, deputy director of the Shanghai Municipal Bureau of Planning and Natural Resources, and Wu Weiping, member of the Standing Committee of the CPC Hongkou District Committee and deputy district chief, attended the briefing and answered questions from reporters.I.The North Bund is one of the core functional areas supporting Shanghai’s development as an international shipping and financial center. According to the Shanghai Master Plan 2035 approved by the State Council, North Bund, designated as one of the city’s central activities zones, is expected to strengthen the core functions of a global city and help form the “Golden Triangle” of international economy, finance, and shipping alongside the Bund and Lujiazui areas. In June 2020, a new round of planning for the North Bund was approved, aligning with the highest international standards and best practices. Guided by the vision of “compact and integrated, open and shared, inclusive and mutually reinforcing, innovative and intelligent” development, the plan established an overall layout of “one core, two zones, and integration of old and new.” Over the past five years, under the strong leadership of the CPC Shanghai Municipal Committee and Shanghai Municipal Government, we have remained focused on the strategic mission of building Shanghai into “Five Centers.” With a firm commitment to the principle of “one blueprint for all,” we have leveraged planning as a guiding force, spatial layout as a foundational support, and resources as a key guarantee, steadily advancing North Bund toward becoming a new benchmark for future urban development.First, we have embraced a global vision and international standards, using strategic thinking to build five core functional zones. As a key platform for advancing Shanghai’s urban development strategy, the North Bund remains focused on enhancing regional functionality and upgrading industrial capabilities. It aligns closely with initiatives such as the Free Trade Zone-linked Innovation Area, and strengthens the integration of financial services, technological empowerment, trade, and shipping functions. A modern industrial system is gradually taking shape, characterized by innovation and aligned with the needs of the times. The global-level ecosystem for modern service industries such as shipping and finance is beginning to yield visible results.Second, we remain rooted in Chinese characteristics and high-level aspirations through building a world-class waterfront and the Grand Halls through innovative thinking. The North Bund, as a vital part of Shanghai’s central business district and the core section of the Huangpu River, showcases the harmonious integration of modern architecture and historical heritage. The Grand Halls has been completed and put into use, while high-end commercial hubs such as Sinar Mas Plaza and Raffles City North Bund have been developed and launched. Landmark projects, including the iconic North Bund Center in Puxi, are progressing rapidly. The seamless connectivity of “one river, one creek, and one port” highlights the structural features of a “one core, two wings” layout, marking the full-scale launch of a world-class waterfront development. Looking ahead, with the central green axis and the sky corridor in place, the area is poised to become a prominent platform showcasing Shanghai’s century-old charm and the remarkable achievements of reform and opening-up.Third, we are committed to a century-long vision and timeless excellence, building a model area for refined governance in a megacity with a spirit of craftsmanship. The North Bund adopts a comprehensive governance approach across the entire lifecycle — planning, construction, management, and operation — anchored in high-standard planning, top-tier design, premium construction, and quality-driven development. We continue to advance the integrated deployment of complex urban functions, fostering catalytic breakthroughs, new growth heights, and emerging drivers. Efforts are focused on enhancing supporting functions such as R&D and innovation, commercial services, cultural amenities, and high-quality residential living. We are prioritizing the creation of high-standard waterfront public spaces and a vibrant environment defined by clean waters and lush green banks. Urban renewal and revitalization are pursued in line with local conditions to unlock the region’s full potential — shaping a high-quality urban landscape where “architecture that tells a story, neighborhoods that invite strolling,” and cultivating a dynamic ecosystem that attracts talent “from near and far.”Looking ahead, the Shanghai Municipal Bureau of Planning and Natural Resources, in collaboration with the CPC Hongkou District Committee and Hongkou District Government, will fully implement the spirit of General Secretary Xi Jinping’s important speech during his inspection of Shanghai. In alignment with the directives of the CPC Shanghai Municipal Committee and Shanghai Municipal Government, we will further strengthen the guidance of the Master Plan and enhance resource coordination. We aim to create a key functional service cluster that serve Shanghai’s “Five Centers” strategy. We will continue to elevate North Bund’s core capabilities, including global resource allocation, leadership in high-end industries, and technological empowerment. By integrating the “one river, one creek” concept with sustainable urban renewal, we will persistently refine the “one blueprint” into detailed “construction plans” and transform them into high-quality, tangible developments, positioning North Bund as a prominent showcase of Chinese modernization.II. Over the past five years, the CPC Hongkou District Committee and Hongkou District Government have adhered to a clear blueprint, accelerating the development of “Shanghai North Bund, a New Urban Benchmark,” which has become a key showcase of Chinese modernization. During this period, 46 major construction projects, covering over 3 million square meters, have been launched and completed. Additionally, 335 major investment projects, with a total investment exceeding 100 million yuan each, have been introduced, amounting to a total investment of more than 300 billion yuan.First, a number of landmark planning projects have been successfully implemented. Over the past five years, North Bund has followed detailed master planning to advance 23 major projects totaling 1.55 million square meters. Blueprints have rapidly been transformed into reality. Highlights include the Grand Halls, completed in time for the CPC’s centenary and now a key venue for major conferences and exhibitions; the 480-meter-high Puxi new landmark, which broke ground following two years of underground works; and the 320-meter-high Sinar Mas Plaza rooftop observation deck, now open to the public with panoramic views of the “Magic City.” Other completed projects include Raffles City North Bund and Ascott North Bund Shanghai.Second, innovation has enabled a systematic and highly efficient construction mechanism. Over the past five years, North Bund’s development has gained momentum. To address challenges such as complex underground infrastructure, overlapping construction boundaries, and multiple developers, a regional master coordination system has been established to align project timelines and ensure consistent construction quality. To accelerate progress, a dedicated team for land transfer and major engineering services has been formed, offering full-process support, specialist oversight, and expedited approvals, cutting the time from land acquisition to pre-sale to as little as four months. By aligning administrative services, market forces, and public supervision, the area has significantly enhanced the overall efficiency of its development and construction efforts.Third, industrial concentration has created a distinctive and robust foundation. Over the past five years, North Bund has focused on building strategic industry clusters to drive regional growth. It is now home to over 4,700 port and shipping enterprises, accounting for nearly 70% of the city’s shipping capacity. The area hosted the country’s first foreign-related maritime interim arbitration case, while the Export Containerized Freight Index from the Shanghai Shipping Exchange has become a key global pricing benchmark. The Xinhua-Baltic International Shipping Center Development Index is also expanding to include green, low-carbon metrics, helping to promote “Chinese Standards” internationally. In the financial sector, North Bund has attracted more than 2,100 financial institutions, expanded its role in wealth management, and reached an asset management scale exceeding 8 trillion yuan. It has also been designated one of Shanghai’s first equity investment agglomeration zones. Together, the shipping and financial sectors now contribute over 45% of the region’s economic output. Meanwhile, coordinated efforts between municipal and district governments have supported the development of green and low-carbon industries, with the launch of the national carbon emission trading system and the contribution of more than two-thirds of the city’s standards.Fourth, the accumulation of development has generated a strong regional spillover effect. Over the past five years, North Bund has served as a key growth engine, continuously driving Hongkou’s transformation and upgrading. The district’s general public budget revenue has grown at an average annual rate of 12.3% in the past five years, and its GDP increased by 8.2% in 2024. Through the implementation of the coordinated development strategy, both the North Bund High-End Service Industry Cluster Pilot Zone and the North Central Ring Sci-Tech Innovation Belt were jointly designated as part of the Shanghai Service Industry Innovation and Development Demonstration Zone. High-quality innovation spaces have taken shape, including the Shanghai Chengchuang Fintech International Industrial Park, the Design Innovation Institute Shanghai, and the North Sci-Tech Innovation Biotech Industrial Park, all of which are accelerating the development of new productive forces. The “Feng” area urban renewal project along North Sichuan Road was selected among the first batch of demonstration projects in Shanghai, while the renovated Zhapu Road Film and Television Street has reopened, adding cultural vibrancy to the area.Fifth, North Bund has significantly enhanced its international profile. Over the past five years, its appeal and visibility have continued to grow. Leading multinational companies such as Aegon, Amundi, Hellmann Worldwide Logistics, Borouge, and Mitsui O.S.K. Lines have established a presence in the area. In 2024, realized foreign investment in the district rose by 35.8%. The 3.4-kilometer waterfront along the “one river and one creek” is now fully open to the public, becoming a vibrant hub for international events such as the Shanghai Sailing Open, Shanghai River Regatta, Shanghai Wine and Spirits Festival, Shanghai International Coffee Culture Festival, and the F1 Carnival. The area sees a steady flow of international cruise ships, yachts and boats. Iconic landmarks like the “Century Frame” and the “Best Photography Spot” attract visitors from around the world, with peak daily foot traffic reaching 180,000.Over the past five years, Shanghai’s North Bund has set sail, weathered the winds and waves, and begun to reveal its grand vision. Looking ahead, it is poised to lead with renewed momentum, embrace transformation, and forge ahead with greater strength, accelerating its rise as a new benchmark for future urban development.First, we will uphold the principle of openness and mutual advancement, accelerating the development of a new benchmark for the city’s core functions. Over the next five years, we will stay aligned with the strategic mission of building Shanghai as the “Five Centers,” deepen high-level opening-up, and strengthen our capacity to attract and allocate global high-end resources. We will fast-track the development of the Free Trade Zone-linked Innovation Area, actively foster innovation-driven sectors such as shipping insurance, maritime arbitration, and trade finance guarantees. By integrating functions including equity investment clusters, pilot zones for service industry development, and international legal service hubs, we aim to create a one-stop, open and shared platform for global engagement, positioning North Bund as a key engine in the integrated development of the “Five Centers” in Shanghai.Second, we will pursue innovation-driven development and accelerate the creation of a new benchmark for industry-city integration. Over the next five years, we will promote the deep integration of industrial and technological innovation, further strengthen pillar industries such as shipping, finance, and commerce, and foster emerging clusters in green and low-carbon development, high-end intelligent testing equipment, and biotechnology. We will also scale up distinctive sectors including tech services and cultural and creative industries, systematically enhancing the overall competitiveness of our industrial ecosystem. By piloting innovative functions, developing vertical complexes, and improving the availability and sharing of innovation resources such as funding and talent, we aim to cultivate a vibrant technological innovation environment. At the same time, we will optimize spatial planning, enrich livable and work-friendly urban settings, attract young talent, and shape a dynamic central activities zone full of vitality and growth momentum.Third, we will integrate the old with the new and accelerate the creation of a new benchmark for sustainable urban renewal. Over the next five years, we will follow the spatial blueprint of “one core, two zones, and integration of old and new,” enhancing the overall value of the area through coordinated redevelopment. In the core zone, eight remaining land parcels, covering a total of 1 million square meters, will be developed, with increased development intensity. Key projects such as the 4.5-kilometer elevated skywalk and a 22-hectare car-free zone will be rolled out, alongside a comprehensive transportation network to create a multidimensional urban space. In the eastern and western zones — Tilanqiao and Hongkou Hub — we will continue to preserve urban heritage, unlock the contemporary value of historical landmarks, and transform cultural resources into drivers of renewal. The result will be a distinctive modern urban landscape that harmoniously blends tradition and modernity in the heart of Shanghai.Fourth, we will champion inclusiveness and shared development, accelerating the creation of a new benchmark for cities that make life better. In the next five years, we will put into practice the important concept of a “people’s city” by building a public space network that seamlessly integrates production, daily life, and ecological wellbeing. High-quality educational and healthcare institutions such as Shanghai High School International Division and Sinar Mas Healthcare will be introduced, alongside a diverse range of residential options, including talent apartments and low-density housing. A 6-hectare central green axis will connect directly to the waterfront, enabling peaceful coexistence between people and nature and fostering a dynamic interplay between individuals and the city. Together, we will paint a vibrant picture of harmony, livability, and shared prosperity.North Bund is charting a steady course, braving the wind and waves, and continuing to write a new chapter as “Shanghai North Bund, a New Urban Benchmark.” It is driving Hongkou’s high-quality development under the 15th Five-Year Plan to new heights and contributing actively to Shanghai’s accelerated journey toward becoming an international metropolis with global influence.