Minhang meets development goal as GDP hits US$43.66b

Minhang District has abided by its high-quality development goal and new blueprint development strategy, fulfilling generally all the tasks set up for the previous year, Chen Huawen, Minhang's director, told the People's Congress on January 7 in the government report.

Its regional gross domestic product in 2024 is expected to reach 320 billion yuan (US$43.66 billion), with its local general budget revenue achieving 33.67 billion yuan, up 3.1 percent year on year. Its registered urban unemployment number was well-controlled.

The district's collected foreign capital last year is slated to reach US$1.33 billion, above 20 percent of the city's average. It has added two multinational headquarters and 14 foreign-invested research centers, making the total 71 and 100 respectively. Its total foreign trade value last year was 238 billion yuan, with export volume increasing by 17 percent.

Regional research costs were around 10 percent of its GDP, with high-value patent numbers soaring 65.8 pieces per 10,000 capita. The district added 319 more city-level specialty companies and 66 medium and small-scale innovative firms last year, with its total number of high-tech innovation firms at 3,668, ranking top citywide.

Its above-designated scale industrial output in 2024 is expected to reach 349.6 billion yuan, up 3.5 percent year on year, ranking second among Shanghai's eight industrial districts. Among it the strategic new industrial output accounts for 53 percent of the total above-designated scale industrial output.

The district won the title of "2024 Most Well City" launched by Oriental Outlook for another year. Its resident's disposable personal income in 2024 stood at 92,600 yuan, up 4 percent year on year. A steady increase showed at its seniors' pension, medical insurance and basic living allowances.

Besides its general achievements in economy and social progress, the district has demonstrated its edge in a batch of issues accomplished in 2024.

Service support

In August 2024 the district unveiled its Hongqiao Overseas Development Service Center.

The service center, inside the Hongqiao International Central Business District Minhang section, was launched by the CBD management committee, Shanghai Land Group Co and Donghao Lansheng Group. It serves as catalysis for Shanghai companies' overseas expansion through providing them with information, professional consulting, project finance and risk warning and prevention.

The HKU Shanghai Intelligent Computer Research Center was founded in December last year at the district's Caohejing Business Park.

The center will launch its research focusing on future electronics and next generation intelligence and computing. It will explore multimodality and its application in service robotics.

From October 12 to 15 in 2024 the China International College Students Innovation Competition was unveiled at Shanghai Jiao Tong University Minhang campus. The event was an innovation exchange among Chinese and international youths. The 2024 competition attracted 5.14 million projects from 153 countries and regions. Among them 450 projects won gold medals.

TR35, or MIT Technology Review Innovators Under 35, launched its China project at the Grand NeoBay in July 2024.

MIT Technology Review dates from 1899. It is one of the oldest and most influential science and technology commercialization think tanks worldwide. TR35 is a flagship brand under MIT Technology Review. With its 20 years' experience and cultivation, TR35 has become an honorable pursuit among young scholars worldwide.

The district introduced TR35 with the aim of empowering the Grand NeoBay's sci-tech innovation capacity, gathering talent and catalyzing project incubation.

Business environment

In November 2024 the district issued its "Shanghai Pilot Free Trade Zone Minhang Coordination Innovation Zone" implementing plan. Minhang is among the six districts and six comprehensive bonded zones in Shanghai to become the city's coordination innovation zone.

The Minhang Coordination Innovation Zone will highlight new international trade and high-end smart manufacturing. Its 46-square-kilometer scope includes Hongqiao International CBD Minhang section and Grand NeoBay sci-tech innovation zone.

The district launched a thorough cost, budget and performance reform in 2024.

A parallel cost, budget and performance management reform was taking place at both district and township levels. The 331 projects involved relate to a total finance of 25.6 billion yuan. Among them 31 projects fell into the category of key cost analysis cases. And an average cost reduction rate at 19 percent was achieved.

The Ye Hongqiao fashionable street block at Wuzhong Road commercial complex was listed as a national night economy culture and tourism consumption highland in 2024.

The street block is circled by Hechuan Road in the east, the Outer Ring Road in the west, Qingshan Road in the north and Puhuitang River in the south. Its 2-square-kilometer scope includes the Mixc, the Aegean Place, Jing Ting Tian Di and Ala Town.

Lighting and landscape renovation, and commercial sector reshuffle infused energy and vibe into the street block.

The Minhang section of Shanghai-Suzhou-Huzhou rail route, a key infrastructure project extending for about 12 kilometers, opened for traffic in the end of 2024.

By the end of 2024 the district had an accumulated number of 35 authorized economic operator companies.

The criteria of the AEO system are among the key rules of World Customs Organization. In China approved AEO companies may enjoy simplified customs measures.

In 2024 the district reused 5,265 mu (351 hectares) of low efficient industrial land. It was selected as the "Most Well City for Entrepreneurs," and was awarded the Central Government Supportive Inclusive Finance Demonstration Zone for a consecutive year. Such a demonstration zone receives an annual 18 million yuan of central government subsidy for corporate expenditure.

Livable community

Shanghai launched its Shanghai-style Jiangnan rural scenery construction trial in 2024, with the aim of constructing 20 such rural demonstration units by 2027. The site of the trial project in Minhang is around the villages in the south of the Dazhi River in Pujiang Town. Unique rural element recognition, picturing blueprint, rural houses construction and infrastructure building will be on the agenda.

In its Xinhong Subdistrict an initiative that started to introduce urban management law enforcement into its community governance was taking place.

The district's Xuanchun Initiative is the city's first one protecting seniors without guardians, offering them services such as information consulting, daily care, medical care, wealth protection, notarization and contract signing assistance. By the end of 2024 the Xuanchun service had covered the 14 towns, subdistricts and Xinzhuang Industrial Zone of the district.

The district also implemented the "Jiao Tong University-Minhang District" city-level Marxism education trial project and the Traditional Chinese Medicine Inheritance and Innovative Development Trial Zone.

Its administration services streamlined in 2024 include the free-submission big data and AI assisting services for corporates and individuals, and the "Minhang Instant Appeal" for civil requirements through cellphone applications.

In 2024 the district had accomplished a Beautiful Home arrangement for a residential block in Jiangchuan Road Subdistrict. Hedong Neighborhood and a tidal flat area in east of it showed a revitalized look after the renovation.