Xuhui’s Comprehensive Economic Strength Has Significantly Increased as It Keeps Promoting Industrial Transformation and Upgrade

(26-01-2017)

Adhering to the overall principle of basing advancement on stability, Xuhui has been actively adapting itself to the new normal of China’s economic development, putting more emphasis on rebalancing the economic structure, and improving the quality and efficiency of its economic development. In 2016, Xuhui’s GDP reached RMB 149.5 billion yuan, a 7.8% growth annually; it yielded a fiscal revenue of RMB 18.6 billion yuan with an annual increase of 12.3%.

 

A continuously optimized industrial structure. The proportion of the added value of the tertiary industry in GDP accounted for 89.3% in 2016, up from 82% in 2011, symbolizing a modern service-oriented industrial structure has been established. The comprehensive service industry reform pilot has been properly implemented, with a rapid growth of the five key industries such as professional service, information service, science and technology research and development service, the financial service, as well as culture and tourist exhibition service, which resulted in a turnover of RMB 203 billion yuan, a 14.2% annual increase. Commerce and trade also achieved a steady growth. After an adjustment in business types and brand structure to promote the integrated ATL and BTL development of commerce, travel and culture, the Xujiahui commercial zone is now considered by consumers as their "favorite shopping area in Shanghai." In 2016, Xuhui witnessed a total sales revenue of commodity of RMB 447.3 billion yuan, an annual increase of 9.3%. The Industry sector is being restructured through a series of adjustments, with a steady development in the advanced manufacturing and production services, which resulted in a total output value of RMB 52.5 billion yuan from large-scale enterprises in 2016.

 

Continuously improved economic benefits. There have been productive results in promoting industrial clusters and a layout of advanced industries including information technology, healthcare, culture and creativity, and innovative finance, contributing more greatly to the economic growth. As the headquarters economy is under dynamic development, in the past 5 years, Xuhui has used a total of contracted foreign capital of 5.27 billion US dollars and has introduced 34 headquarters of multinational corporations including MSD, which has resulted in 100 headquarters in the district and 35 office buildings of over RMB 100 million yuan in tax revenue. Xuhui has completed tasks in energy-saving emission reduction for the "12th Five-Year Plan", with a total decrease of energy consumption for value addition by 20.7%; 15 public buildings including Huijin Department Store were rated as model energy-saving projects.

 

Considerable improvements in business and commerce. By learning and promoting the reform measures of China (Shanghai) Pilot Free Trade Zone and further reforming commercial systems such as the separation of certificates and licenses, the coverage Xuhui’s innovative systems for customs supervision, financial services and inspection and quarantine has been expanded, and the service efficiency has been improved. Xuhui will further carry out the market-oriented reform of state-owned capital and enterprises, and promote state-owned capital and enterprises to cluster into functional areas and oriented industries, with an annual rate of value maintenance and appreciation of 105%. Sub-district authorities are no longer responsible for attracting investment, and a new mechanism of industrial promotion of "functional areas + state-owned capital platform + social cooperation" has been established as a new investment attraction mode featuring precision, specialization, and market orientation. The Any Service for Enterprises platform has been established to strengthen services in human resources, financing guarantees and corporate listing, with 76 new enterprises that have listed in domestic and foreign exchanges or in the OTC market in the last 5 years.