Bund area aims to regain past glory

Shanghai's century-old landmark, the Bund, is facing competition from a cluster of skyscrapers across the city's Huangpu River known as the Lujiazui Finance Zone.

With the establishment of the Bund Waterfront Financial and High-end Services Industry Innovation and Development Zone, Huangpu district is hoping to revive the financial energy that turned Shanghai from an obscure fishing town into a world famous metropolis early in the 1920s.

"The most important focus (of the zone) will be financial services, including asset management, capital operation, and professional financial services," said Chao Kejian, deputy director of Huangpu district on Thursday.