Lujiazui Finance City: Glistering Pearl of the Shanghai International Financial Center
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Lujiazui Finance and Trade Zone is located in the Pudong New Area across from the Bund on the east side of the Huangpu River. The zone, covering 31.78 square kilometers is 35 kilometers from Pudong International Airport, 15 kilometers from Hongqiao Airport, 20 kilometers from the Waigaoqiao Deepwater Port, and 60 kilometers from the Yangshan Deepwater Port.
Lujiazui Finance and Trade Zone, approved by the State Council in 1990, is the only national-level development zone designated for “finance and trade.” On March 25, 2009, the Standing Committee of the State Council approved “Opinions on Accelerating the Development of Modern Services Industries and Advanced Manufacturing Industries in Shanghai, and the Construction of an International Financial and International Shipping Center.” Lujiazui was chosen as a key area in Shanghai's transformation into an international financial center. The center of Lujiazui is called Lujiazui Finance City. It is an important financial congregated zone and deluxe commercial area. The Finance City covers 1.7 square kilometers amid a forest of skyscrapers. Various financial institutions are located in the area.
After more than 20 years of development, a modern services system centralizing finance and trade has been set up in the Lujiazui Finance and Trade Zone. The zone boasts a high concentration of financial institutions, especially foreign ones, and has sound market components and capital distribution functions. By the end of 2013, Lujiazui is home for 695 certified financial institutions, of which 18 are foreign banks, accounting for half of all foreign banks in China. It has 39 fund management companies, 43 percent of the nationwide total, and 1,044 shipping institutions, including 57 related to marine insurance operational centers in China.
In recent years, newly emerged financial institutions have located offices in Lujiazui. The zone now has 44 leasing companies, and 492 private equity and venture capital companies. Lujiazui has 11 national and city level markets for securities, futures, diamonds, oil, financial futures, talent recruitment, agricultural products, and chemical products. Some 84 multinational headquarters are located in Lujiazui. About 420,000 professionals work in the zone, of which 190,000 are financial specialists.
Lujiazui Finance City boasts first-class business, commercial, exhibition and cultural facilities, and is Shanghai's busiest central business district. It has 220 completed commercial and office buildings, offering space of 13 million square meters. It also has 28 uncompleted projects with an aggregate floor area of 2.81 million square meters. Since 2011, 10 key projects, including the Shanghai Tower, have completed construction, involving 500,000 square meters. There are also 22 hotels with ratings of four stars and above in the zone. Exhibition facilities are well equipped and host more than 100 international exhibitions every year. Financial museums and cultural venues offer colorful events every year, including the annual Lujiazui Finance and Culture Festival.
Complying with a national strategy of building Shanghai into an international financial and shipping center, the goal of Lujiazui Finance and Trade Zone in the 12th Five-Year Plan is to accelerate construction as a key area for the Shanghai International Financial Center, to offer a high-end services zone for the Shanghai International Shipping Center, and to build a modern commercial zone for the Shanghai International Trade Center.