China to promote Hongqiao international opening-up hub to higher level

BEIJING - The National Development and Reform Commission (NDRC), the country's economic planner, Wednesday publicized policies and measures to promote Hongqiao international opening-up hub to a higher level.

The core functions of the Hongqiao International Central Business District (CBD) will be strengthened, according to a circular released by the NDRC.

The district will vigorously develop a high-level headquarters economy, a high-traffic trade economy, a high-end service economy, and a high-level exhibition economy.

It will also accelerate the building of a new platform of a multi-functional international CBD and an international trade center.

China will support the CBD to take the lead in piloting cash-pooling services for multinational companies to integrate domestic and foreign currencies.

The country will also promote the mutual recognition and exchange of test licenses and test results of intelligent, connected vehicles in the Hongqiao international opening-up hub.

It will support Shanghai and Suzhou in jointly launching digital RMB pilot projects, the NDRC said.

The State Council released a framework plan and policies in February 2021 to build Shanghai's Hongqiao area, which contains the Hongqiao International CBD, and parts of the neighboring Jiangsu and Zhejiang provinces, into an international opening-up hub to bridge domestic and international markets.