Changning district should fully utilize its rich resources of foreign professionals and multinational companies to develop its financial industry that is centered around wealth management, and aim to become a wealth management hub in Shanghai Hongqiao International Central Business District and the Yangtze River Delta region, He Qiang, a member of Changning District Committee of the Chinese People's Political Consultative Conference (CPPCC), suggested at the second session of the 15th CPPCC Changning District Committee, which concluded on Jan 5.
The financial industry is one of the major economic drivers in Changning. He also suggested that the district should proactively introduce high-quality wealth management institutions and professionals, accelerate the development of its industrial characteristics based on family and charity trusts and cross-border family financial services, and enhance its pension asset management capabilities.
He also stressed that efforts should be made to maximize Changning's role in the development of Hongqiao CBD and the exchange and cooperation in the Yangtze River Delta region to open up more communication channels between domestic and overseas markets.
The construction of the Hongqiao International Opening-up Hub has brought about a strategic opportunity for Changning. In 2022, the district signed 730 key project deals and its regional gross domestic product is estimated to increase by 1 percent despite headwinds amid the resurgence of COVID-19 infections.
The district's comprehensive tax revenue increased by 23.7 percent and accounted for nearly 40 percent of the total in Hongqiao CBD.
