Shanghai officials spotlighted five years of development in the city’s North Bund area, outlining a transformative vision that positions the district as a flagship zone for China’s modernization and a hub of global commerce, finance, and maritime industry.
The municipal government held a press briefing on May 13, where Zhang Yuxin, director of the Shanghai Planning and Natural Resources Bureau, and Li Qian, Party Secretary of Hongkou District, discussed milestones achieved since the area’s new planning round was approved in June 2020.
Other senior officials, including Lu Ming, director of Hongkou District, and Xu Mingqian, deputy director of the planning bureau, were present to take questions from the press.
As part of the “Shanghai 2035” master plan ratified by the State Council, or the nation’s Cabinet, North Bund is designated a key urban center, joining the Bund and Lujiazui to form an international “Golden Triangle” driving economic, financial, and shipping power.
Over the last five years, guided by a commitment to high standards and sustainability, the district has implemented a master plan based on integration, openness, and innovation—emerging as a model for future urban development.
Officials said that North Bund now serves as a launchpad for Shanghai’s ambition to become a global leader in five strategic areas: finance, trade, shipping, technology, and cultural exchange.
More than 46 major construction projects totaling over 3 million square meters have been completed or are underway. The district has attracted 335 investment projects, each worth more than 100 million yuan, with combined capital exceeding 300 billion yuan.
At the heart of the transformation is a series of landmark developments. The Grand Halls, completed during the centenary of the Communist Party of China, has become a premier venue for international forums and exhibitions.
Construction of the 480-meter Shanghai North Bund Center is progressing, following the completion of its underground foundation. Meanwhile, the Sinar Mas Plaza’s 320-meter observation deck now offers panoramic city views, and the North Bund Raffles City complex and the Ascott International Talent Apartments have opened their doors.
To manage the district’s complex infrastructure and multi-entity developments, the city implemented a centralized control mechanism to coordinate timelines and maintain construction quality.
Streamlined procedures have enabled some projects to progress from land acquisition to pre-sale approval in just four months. A combined effort from public administration, private enterprise, and community supervision has also raised overall development efficiency.
The district has emerged as a powerful industrial cluster. More than 4,700 shipping firms now operate in North Bund, accounting for nearly 70 percent of Shanghai’s shipping capacity.
It hosted China’s first foreign maritime arbitration hearing, and indices from the Shanghai Shipping Exchange have gained international prominence. The Xinhua-Baltic Shipping Index is exploring ways to integrate green metrics, aiming to promote Chinese standards in the global market.
Financial services have also expanded, with more than 2,100 institutions now based in the district and asset management volumes exceeding 8 trillion yuan.
North Bund was selected as one of Shanghai’s first zones dedicated to private equity clustering. Maritime and financial sectors now contribute over 45 percent of the district’s economic output.
Environmental goals are also in focus, with the national carbon trading platform operating from North Bund and shaping over two-thirds of Shanghai’s green development benchmarks.
North Bund’s influence extends beyond its borders. Hongkou’s annual public budget revenue has risen by an average of 12.3 percent over five years, while GDP is projected to grow by 8.2 percent in 2024.
Joint initiatives such as the North Bund High-End Services Pilot Zone and the North-Central Innovation Corridor were named as demonstration zones for service-sector innovation.
Key research and industrial spaces, including the Shanghai Urban Innovation and FinTech Industrial Park and Beikechuang Biotech Park, are rapidly fostering next-generation productivity.
Cultural and urban renewal have gained momentum. Sichuan North Road’s “Feng-shaped” redevelopment has been recognized as a model project, and the renovated Zhapu Road Film and Culture Street has reopened to the public.
The district’s international appeal is rising. North Bund has attracted global firms including Aegon (Netherlands), Amundi (France), Hellmann Logistics (Germany), Borouge (UAE), and Mitsui O.S.K. Lines (Japan).
Foreign direct investment in Hongkou rose 35.8 percent this year. A 3.4-kilometer stretch of waterfront is now fully accessible, hosting events like the Shanghai River Regatta, Wine Festival, International Coffee Culture Festival, and F1 Carnival.
Cruise ships, yachts, and sightseeing boats now frequent the area. Attractions such as the “Century Frame” photography platform have turned North Bund into a bustling destination, with daily visitor traffic peaking at 180,000.
Looking ahead, city planners outlined four strategic goals for the next five years.
First, North Bund will deepen its openness and expand its capacity as a central urban hub. The district plans to enhance collaboration with the free trade zone and grow sectors such as maritime insurance, arbitration, and trade finance. Infrastructure for private equity, international legal services, and high-end commercial platforms will also be strengthened to support Shanghai’s broader “Five Centers” vision.
Second, the district will foster integration between industrial growth and city living. In addition to strengthening its dominance in shipping, finance, and commerce, North Bund will expand into emerging sectors like green technology, smart testing equipment, and biotechnology.
Cultural and tech service industries will also be scaled up. New vertical mixed-use developments will improve the balance of work and life amenities, while enhanced support for venture capital and talent development is expected to create a dynamic innovation ecosystem.
Third, North Bund will promote the sustainable renewal of its urban landscape by blending historical charm with modern infrastructure.
Eight key land parcels covering 1 million square meters remain to be developed. The planned construction of a 4.5-kilometer sky corridor and a 22-hectare car-free zone will be coupled with a new integrated transportation system.
Historic districts like Tilanqiao and Hongkougang will be revitalized with cultural elements and creative assets to preserve their heritage and elevate their contemporary value.
Fourth, North Bund aims to create a more inclusive and livable urban environment. Following the “people’s city” philosophy, the district will expand public spaces that unify work, life, and nature. Premium education and healthcare institutions—including Shanghai China International School and Golden Light International—will be introduced.
A six-hectare central green corridor will connect directly to the riverfront, providing a harmonious balance between urban activity and natural beauty.
With a clear trajectory and strong momentum, North Bund is poised to lead Hongkou District’s “15th Five-Year Plan” into a new era of high-quality development, while contributing to Shanghai’s ambition of becoming a global city of international influence.