(Yicai) June 17 -- Yangpu, a district in the northeast of downtown Shanghai, has provided a total of 180,000 households with renovated residential compounds, according to the secretary of the CPC Yangpu District Committee.

Yangpu, known as the birthplace of modern Chinese industry, has renewed 3.8 million square meters of community space in recent years, benefiting about 180,000 families, Xue Kan said at an event on June 14.

Most of the area that was renovated in Yangpu was composed of apartments of only 20 to 30 square meters, often accommodating multiple generations and lacking essential facilities, such as kitchens and bathrooms, Xue explained.

In the future, Yangpu plans to renew nearly 7 million sqm of old communities that have not been renovated in 15 years, Xue noted, adding that he hopes to accelerate the renewal process and upgrade its standards.

To further improve residents' living conditions, Yangpu also upgraded its transportation, education, and healthcare systems. It deepened the connection between its universities and science and technology parks and promoted the integration of universities and industries.

Yangpu is one of the urban areas with the highest knowledge density and the most concentrated innovation in Shanghai and even China. It is a national innovative district and an important carrier for building Shanghai into a scientific and technological innovation center.

Last year, Yangpu's gross domestic product exceeded USD30 billion, with a per capita GDP close to CNY190,000 (USD26,200), Xu said. The district's fiscal revenue totaled CNY120 billion (USD17.2 billion) in the 12 months ended Dec. 31.

There are over 1,700 foreign-funded enterprises in Yangpu, 44 of which are regional headquarters of multinational companies and research and development centers, according to data disclosed by Xue. These foreign-funded enterprises have achieved a revenue growth of at least 20 percent in each of the past three years.

Nike built its first sports lab outside of North America in Yangpu. German industrial product giant Henkel invested CNY100 million (USD13.8 million) to build its new Asia R&D center for Consumer Brands in the district.

Yangpu is also home to leading Chinese tech companies, such as short-video sites Bilibili and Douyin and lifestyle platforms Xiaohongshu and Meituan. Digital economy companies account for 20 percent of Yangpu's total, contributing 30 percent of its tax revenue.

Editor: Futura Costaglione