Big goals for financial park
Print Edition
AS part of Changning District’s ongoing efforts to create a downtown financial park, a row of historic buildings on Yuyuan Road have been set aside to house a group of local financial institutions.
With red roofs and large entrances, the 11 British-style garden villas dating back to the 1920s have joined the Changning Financial Park at 1320 Yuyuan Road. These buildings were once private residences for local and overseas business people.
Around 10 financial institutions, with combined assets in excess of 100 billion yuan (US$14.4 billion), are expected to settle in the area, according to Ji Yu, deputy president of the real estate department at state-owned Guosheng Group. Ji will be in charge of operations at the park.
The houses are currently owned by the Changning government and rented to Guosheng. The two sides, along with the Shanghai Financial Service Office, jointly launched the financial park to boost the district’s finance industry.
Businesses in the park will mainly offer financial services to support Changning’s major industries — including aviation services, Internet technology, and fashion and creativity — the district government said.
Several financial companies, such as local asset manager Zhongping Capital, have announced that they will set up an office in the park soon.
“The company will serve as a link between investors and local companies, especially those engaged in cultural innovation, Internet, information services and information technology,” said Wu Bin, general manager of Zhongping Capital.
An opening ceremony for the park was held on December 7. Present at the event were district leaders like Party secretary Wang Weiren and District Director Gu Honghui, as well as representatives of municipal finance departments and Guosheng Group.
In his address, Gu said construction of the Changning Financial Park has entered its final stage. He also stressed that Changning must take a more active posture with its regional advantages in order to engage with municipal strategic arrangements and achieve complementary development by building a new financial landmark featuring Changning’s unique characteristics.
The park and its businesses will support and influence the Greater Hongqiao Area and the Yangtze River Delta area, thus giving it an oversized role in Shanghai’s financial development.
The local financial service office and Changning authorities will jointly take action to control financial risks and further improve the environment for the development of regional finance.
The financial park will also become a testing ground of financial innovation, Zheng Yang, director of the Shanghai Financial Service Office, explained.
Positioned for success
In the west of downtown Shanghai, Changning District is near Hongqiao International Airport and the Hongqiao Traffic Hub, making it a link between Yangtze River Delta cities and Shanghai.
Three decades ago, Shanghai launched the Hongqiao Economic and Technological Development Zone, its first state-level economic development zone, in Changning. The zone was intended to consolidate Changning’s strengths for proactive growth.
From the 8th Five-year Plan period to the 12th Five-year Plan period, the district’s economy saw the gradual completion of three major projects: the Hongqiao International Trade Center in central Changning, which gave rise to Hongqiao Linkong Economic Park in the west and Zhongshan Park Business Center in the east.
Changning also underwent structural adjustment during the period of 12th Five-year-Plan period (2010-2015). By the end of the period, the service industry contributed 98 percent of the district’s tax revenue, with the modern service industry accounting for 75 percent of the total. More than 90 percent of the 30,000 total enterprises in Changning engage in service industries.
Changning is combining its previous industrial development efforts with the cultivation of its service industry to accomplish its economic transition, according to District Director Gu.
With the introduction of the 13th Five-year Plan, Changning is turning itself into an international community of excellence as well as an “innovation-drive, fashionable and vital” area that is friendly to both the environment and people.
District authorities have decided to make aviation logistics, Internet-plus-life services and the fashion-and-creativity industry the three main pillars of the district’s development.
The Changning Financial Park will provide financing to support the real economy and people’s livelihood and create a new driving force in local economic and social development.
In the future, the park will highlight its features in “aviation finance, smart finance and trade finance,” broaden the scope of beneficiaries from financial services, and enhance the capacity of the financial service industry. These efforts are intended to shape the growth of a favorable environment for a modern service sector that can bolster major industries.
The New Changning Group, a state-owned enterprise in Changning District, will cooperate with Guosheng Properties, a subsidiary of Guosheng Group, on routine operations of the new financial park.
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