Shanghai unveils plan to replicate ‘China’s Wall St’ along North Bund waterfront, boost economic activity
- Redevelopment of area will be one of three new growth engines in mainland China’s financial and commercial capital
- Hongkou district aims to bring in 100 big-name companies from home and abroad
Shanghai will give its North Bund a facelift, turning the 3.3 square kilometre waterfront area into another Lujiazui, as part of efforts to shake off worries about economic underperformance amid the coronavirus pandemic.
Lujiazui, which sits across the Huangpu River from North Bund, is home to Shanghai’s most iconic skyscrapers and is often referred to as “China’s Wall Street”. Wu Xinbao, the Communist Party chief of Shanghai’s Hongkou district, where North Bund is located, said on Wednesday the redevelopment of the area will be one of three new growth engines in mainland China’s financial and commercial capital.
“The North Bund area will become Shanghai’s new benchmark,” Wu said. “The project marks a milestone in the urban development of Shanghai.” He said the project had been identified by the Shanghai municipality as a driver of the local economy along with the 120 square kilometre new free-trade zone at Lingang to the city’s east, and the 86 square kilometre Hongqiao area to its west.
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The coronavirus pandemic, which was first reported in China’s central Hubei province in December, has knocked the steam out of economic growth in the city, which reported a 6.7 per cent decline in gross domestic product in the first quarter of this year. The North Bund redevelopment project is being officially kicked off as lockdown measures are eased in mainland China’s most developed metropolis, with the aim of restoring economic order.
North Bund will be home to 8.4 million square metres of redevelopment that will include office, retail, residential, hotel and entertainment properties. The area will get a clutch of skyscrapers to rival those coming up in Puxi to the west. The tallest building will be 480 metres in height, Wu said.
The Hongkou district government aims to attract 100 big-name companies from home and abroad to set up their regional headquarters in the waterfront area, with priority being given to companies in the fields of finance, shipping and fifth-generation internet technologies.
