Meeting for global financial cooperation
Jing’an District hosted the Global Asset Management Forum and the Shanghai Suhewan Conference this month.
Experts, scholars and insiders from the asset management industry met to debate“The Role of Finance Recovery and Global Cooperation” in a plenary session, six subforums, four closed meetings and one high-level dialogue.
Former Chinese finance minister Lou Jiwei, Shanghai government Deputy Secretary General Wang Ping and Jing’an Director Wang Hua all spoke during the plenary session.
A number of well-known people gave speeches. They included Shang Fulin, former chairman of the China Securities Regulatory Commission and the China Banking Regulatory Commission; Anthony Neoh, former chairman of the Hong Kong Securities and Futures Commission; and Leslie Massdorp, vice president of the New Development Bank. Executives from global financial institutes also shared their perspectives on sustainable development, asset management trends, the influence of the current international crisis on the global economy and other themes and concerns.
Nathan Urquhart, president of Coatue Management; Tobias C. Press, CEO of Allianz Global Investors; Sir Douglas Flint, chairman of Aberdeen; Nicolas Moreau, CEO of HSBC Global Asset Management; and Lee Yuan Siong, CEO and president of AIA Group, were among those present.
Pillar industry
The Shanghai Guoyan Wealth Management Research Institute was also established at the meeting. Based in Jing’an, it will serve as the Global Asset Management Forum’s Shanghai headquarters, working to further connect Shanghai to the worldwide asset management community.
Finance is Jing’an’s second pillar industry, with the proportion of added value in the district’s GDP increasing from 20.5 percent in 2018 to 24.2 percent in the first half of 2023. The growth rate of the added value of the finance industry reached 8.4 percent in the first half of 2023, ranking top in the city.
Jing’an is now home to around 500 financial firms, including securities, asset management, futures, insurance, banking, foundations and many others.
The district has been working hard to become a part of the global banking community. Eight of the top 10 private equity companies on the PEI300 list, including TPG, Blackstone and the Carlyle Group, have offices in Jing’an. Sumitomo Mitsui DS Private Fund Management (Shanghai) was registered as a Private Securities Investment Fund Manager with the Asset Management Association of China this year, becoming China’s first wholly-foreign-owned securities private equity fund.
True Light Capital, an independent wholly-owned subsidiary of Temasek Holdings, is also based in Jing’an and completed its maiden fundraising of US$3.3 billion.
Under the qualified domestic limited partnership program, Blackstone registered a fund management unit with the Asset Management Association of China. KKR is considering opening a branch in Jing’an.
Jing’an will focus on asset management, private securities and private Suhe Bay area in Jing’an District The Global Asset Management Forum and the Shanghai Suhewan Conference is held in Jing’an this month.
The “Our Water” project is launched to establish a dialogue between Shanghai and other cities with unique waterfront areas. equity to complement Shanghai’s other two financial hubs, Lujiazui and the Bund, and will aim to promote Shanghai’s development as a global financial center.
‘Finance bay’
Suhewan, or Suhe Bay, a waterfront area along Suzhou Creek in Jing’an, plays a vital role in boosting the finance sector and is poised to become a “finance bay” with a cluster of headquarters of prominent financial companies.
Dongsiwenli, the largest shikumen (stone-gate) neighborhood along Suzhou Creek, is undergoing a substantial transformation to become a new cultural and commercial landmark. Top private equity firms from home and abroad are likely to establish offices in historical buildings.
Jing’an Global Asset Management Tower is in the planning stages, with the goal of becoming a new iconic building in Shanghai and providing tailor-made offices to financial companies.
Suhe Bay is also working to become a world-class waterfront area, comparable to the Seine in Paris, the Thames in London and the Hudson in New York. In September, a project called “Our Water” was launched to establish a dialogue between Shanghai and other cities with unique waterfront areas to enhance cultural exchanges and seek more cooperation.
Jing'an rakes in profits from the holiday festivities
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Jing’an saw a surge in consumption over the Mid-Autumn and National Day holidays.
Between September 28 and October 5, 20 big commercial businesses in Jing’an sold 770 million yuan (US$105 million) in goods, a 5.46 percent increase over the same period in 2022.
Over the eight-day span, seven large shopping malls and department stores raked in 730 million yuan, a 6.7 percent rise year over year.
Nanjing Road W. maintained its first place in overall spending in all of the city’s commercial zones, rising 8.1 percent from 2022.
And it was teeming with activity.The HKRI Taikoo Hui hosted the first ChiLL Life Festival on its rooftop garden, which included a themed fair, art installations, sports parties and music performances to introduce people to a green lifestyle.
Another green-themed festival, Rooftop Oasis, was held on the Plaza 66 mall’s rooftop garden, with DIY workshops such as handcrafted bamboo candles and flower lamps.
To commemorate its 19th anniversary, the well-known Jiuguang department store ran promotional activities.
Another prominent commercial zone along Suzhou Creek benefited greatly from the Shining Shanghai Festival’s dazzling display of light.
From September 26 to October 6, the event featured worldwide light performances along the river, connecting a series of historical locations such as Tianhou Palace, Shenyuli and theformer site of Shanghai’s Chamber of Commerce.
The 11-day festival was a success, with over 2 billion clicks on the Internet, and it ranked first in all trending topics around the city on Weibo and Douyin.
According to a study, participants rated the event 9.1 out of 10, and 70 percent of festival attendees claimed it was the first time they were visiting Suzhou Creek.
The adjacent Suhewan MIXC World got approximately 90,000 visitors in a single day as a result of the festival, setting a new record. Jing’an Joy City, another mall, had 78,000 average daily visitors, up 90 percent from the previous year.
According to the district, more than 40 brands and stores presented or promoted new products in Jing’an during the Shining Shanghai Festival.
The IMIX Park in Daning had a music camping event, and the Daning Jiuguang Center hosted an outdoor sports and pet carnival.
Beizhan spells out development plans along Suzhou Creek
Waterfront demonstration area
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Suzhou Creek runs through the subdistrict for 2.3 kilometers. Beisuzhou Road, Guangfu Road, Xizang Road N., Haining Road, Zhejiang Road N., Tiantong Road and Henan Road N. encircle the 0.43-square-kilometer demonstration zone.
The subdistrict is trying to improve the area’s basic facilities, management and greening.
More green areas, riverfront benches, art installations and walking routes will be created on Beisuzhou Road and Shanxi Road N., in particular. The overall landscape will be upgraded as well, with walls encircling the former site of Shanghai’s Chamber of Commerce being embellished.
More patrols will be conducted to combat begging, littering, unauthorized parking and other issues.
To promote green travel and a low-carbon lifestyle, a lowcarbon smart management platform will be established.
Art-wise community
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The subdistrict is establishing “art corners” in public places to create a community museum without walls.
Art installations are created in “art corners,” and basic facilities such as walls and benches are designed with unique shapes or covered with paintings.
In addition, the subdistrict has formed an art alliance with 15 art venues and cultural institutes.
Sotheby’s, Fotografiska, UCCA Edge, Design Miami, MadeIn Gallery, Lu’an inkpad, Uart Space, Wu Changshuo Haipai Cultural Promotion Center, Shanghai Haipai Comic Book Center, Vanguard Gallery, Sanjie Gallery, Line Gallery, Arts & Collections, Sihang Warehouse Battle Memorial and Shanghai Railway Museum are among the venues.
The alliance’s secretariat is housed at the subdistrict’s art library. The members meet every 15 days, and events such as seminars and talks are organized on a regular basis.
Three walking trails have been created to guide visitors through the subdistrict’s historical structures, revolutionary past and rich cultural ambiance. Meanwhile, information of 50 heritage-listed buildings has been digitalized, and visitors can scan QR codes on the facades to learn about the history behind each brick.
This year, the subdistrict began a series of “meet and talk with Beizhan” activities in local historical places, such as its annual traditional opera festival.
The subdistrict will increase its efforts to make its waterfront areas into an art-focused locality.
An emerging investment highland
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The subdistrict has prioritized improving the local business climate to foster high-quality growth and the creation of a world-class CBD along Suzhou Creek.
The subdistrict has put in place a number of concrete measures to give personalized service to local companies.
It has offered to support industry giants such as Sotheby’s, Coach and SaintGobain when they established local offices and headquarters and assisted them in the formation of industrial partnerships.
It has established close relationships with highend office buildings such as Suhe Center and Joy Center to boost tenant satisfaction, as well as working with property managers to solicit additional business, identify management flaws and address common concerns.
It has also conducted various events, such as the CEO Club forum, to create a platform for multinational corporations’ regional offices to increase communication and cooperation.
编辑：徐悦琳
资料：上海日报、区新闻办