(Yicai) Oct. 23 -- The Hongqiao International Central Business District, a center for high-end trade, services, and exhibitions located in western Shanghai, has seen its economic development speed up thanks to an increasing number of large projects in emerging industries.

The Hongqiao international CBD saw retail sales of consumer goods rise 18 percent to CNY47 billion (USD6.6 billion) in the nine months ended Sept. 30 from a year earlier, imports and exports climb 16 percent to CNY73.6 billion, and output of industrial enterprises with at least CNY20 million (USD2.7 million) in annual revenue jump 19 percent to CNY51.7 billion, according to data released at the district's recent annual investment promotion conference.

The Hongqiao international CBD, which is adjacent to the Shanghai Hongqiao International Airport, attracted 616 key projects with a total investment of CNY34.6 billion and at least CNY10 million per project during the period, the district noted, adding that the number of new companies settling in the area rose 18 percent to 7,137.

Shanghai's economy expanded 5.5 percent to CNY4.07 trillion (USD571.4 billion) in the January to September period from a year ago, the city's government announced yesterday. Retail consumer goods sales climbed 4.3 percent to CNY1.23 trillion, while foreign trade jumped 5.4 percent to CNY3.34 trillion, with exports rising 11 percent and imports 1.1 percent.

The headquarters economy is a strategic development focus of the Hongqiao International CBD, drawing 56 HQ enterprises over the past year with a combined annual income of over CNY280 billion (USD39.3 billion), with one such reporting its revenue topped CNY100 billion and seven CNY10 billion. The firms are from core emerging sectors, including photovoltaic energy storage, smart vehicles, and the digital economy.

The Hongqiao International CBD is becoming one of the districts in Shanghai with the fastest-growing and most concentrated HQ institutions, Guo Peng, general manager of smart energy services provider Qiyuan Green Power, told Yicai. "The district is an ideal starting point for tech firms to develop in the Yangtze River Delta region and expand to the national and global markets thanks to the resources and financial support it provides," Guo noted.

For medical device companies that need frequent communication with clinical experts and supply chain partners, as well as high-efficiency product circulation, the convenient transportation facilities in the Hongqiao International CBD are a big competitive advantage that shortens physical distances and significantly cuts business opportunity costs, Huang Xuesong, general manager of high-tech medical firm Weiheng Medical Technology, said to Yicai.

The Hongqiao International CBD's management committee supports, encourages, and guides local companies to grow bigger and stronger and achieve international development, said Kong Fu'an, executive deputy director of the committee. It also helps firms expand into overseas markets by promoting the cross-border free and convenient flow of goods, capital, talents, tech, and other resources, Kong added.

The Hongqiao International CBD has collaborated with well-known domestic and foreign professional service institutions, including KPMG and Wolters Kluwer, gathering 48 global investment and trade promotion organizations and forming a service network that connects over 150 countries and regions. It also provides legal, human resources, and business and trade service platforms for firms in the district, while making the cross-border exchanges of business personnel more convenient through innovative service measures.

Editors: Tang Shihua, Martin Kadiev