A high-speed train arrives at Shanghai Hongqiao Railway Station. [Photo/China Daily]

Shanghai Hongqiao International Central Business District held a mass signing ceremony on Sept 24 for 40 major projects, worth a combined 30.2 billion yuan ($4.67 billion), that will be located in the district in Shanghai city in East China.

The projects – involving the headquarters economy, the innovation economy, the digital economy, as well as trade and high-end services – are the result of Hongqiao's sustained efforts to turn itself into an international hub for opening-up.

The ceremony also marked the launch of construction of another 20 major projects with a total investment of 29 billion yuan in Hongqiao. With a huge total floor space of 1.9 million square meters, they are mostly in the areas of biomedicines, cultural and creative products, e-sports, scientific and technological research and development.

Nine functional platforms were unveiled during the ceremony as well. Focusing on the development of the headquarters economy, the platform economy, the digital economy and the exhibition economy, it is expected that these will help the district to build high-end service industry clusters as well as attract high-end resources.

The overall plan to build the Hongqiao International Hub for Opening-up, submitted by the National Development and Reform Commission, was approved by the State Council in February.

Officials and experts reportedly see the plan as an important blueprint for enhancing the country's dual-circulation development strategy – which sees domestic production, distribution and consumption as the mainstay of the national economy, with domestic and international trade reinforcing each other.