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Lujiazui: The Dynamic Hub of China’s Financial Industry
In 2015, the Shanghai Pilot Free Trade Zone expanded to include the Lujiazui Finance & Trade Zone, making Lujiazui an integral part of the city’s Free Trade Zone framework. Leveraging the advantages of the FTZ, numerous service-sector initiatives were introduced, transforming Lujiazui into a prominent financial district within the Shanghai FTZ, also referred to as Lujiazui Financial City.
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Ethan Foster
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In 2015, the Shanghai Pilot Free Trade Zone expanded to include the Lujiazui Finance & Trade Zone, making Lujiazui an integral part of the city’s Free Trade Zone framework. Leveraging the advantages of the FTZ, numerous service-sector initiatives were introduced, transforming Lujiazui into a prominent financial district within the Shanghai FTZ, also referred to as Lujiazui Financial City.
Why Lujiazui Financial City Stands Out
Lujiazui Financial City offers an ideal platform for international financial institutions and professionals to conduct business efficiently. Its comprehensive financial market system, advanced infrastructure, and investor-friendly environment provide a “soft landing” for foreign investment.
Lujiazui also serves as China’s gateway for global investors. The area hosts regional headquarters for Fortune 500 companies, top-tier international law firms, as well as major credit and insurance institutions, making it a preferred location for multinational operations.
Strategic Location The Lujiazui Free Trade Zone is situated in the central-western part of Pudong New Area, bordered by the Huangpu River to the west, Jinqiao Development Zone and Zhangjiang Hi-Tech Park to the east, and the World Expo Area to the south, covering 31.78 square kilometers in total.
To the north, Lujiazui connects to Waigaoqiao Port Area, a major shipping hub through which trillions of goods move globally each year, highlighting its strategic integration of finance and international trade. The area’s proximity to Shanghai Pudong International Airport also ensures seamless access to global air routes.
Talent Pool and Workforce Lujiazui is home to over 500,000 employees with an average age of 29.5, of whom 70% hold a master’s degree or higher. These professionals are generally highly educated, globally minded, and client-oriented. Within the financial sector alone, 300,000 individuals work in Lujiazui, and about 160,000 of them have international study or work experience.
To attract elite talent, Lujiazui launched the Shanghai Lujiazui Talent Recruitment Initiative in 2009. This flagship program connects top Chinese universities with leading financial institutions in Lujiazui, fostering the development of highly skilled professionals. The district continues to enhance its living environment and provides world-class medical and educational resources, attracting foreign experts whose contributions are regarded as both a national asset and a benefit of foreign direct investment.
A Highly Open Business Environment
Often called China’s Wall Street, Lujiazui is the largest financial hub on the mainland, hosting over 400 domestic and international banks and financial institutions. It also serves as the headquarters for more than 70 global conglomerates and roughly 5,000 foreign companies involved in trade, investment, and intermediary services. Nine of the world’s top ten asset management firms have chosen Lujiazui as their first entry point into China.
China’s accelerated financial sector liberalization has brought additional policy benefits to the district. In April 2018, restrictions on foreign insurance brokers’ business scopes were lifted, allowing them equal opportunities with local firms. Willis Insurance Brokers Co., Ltd., one of the world’s three largest brokers, became the first foreign broker to expand its operations in China, selecting Lujiazui as its base.
In November 2018, twelve international asset management firms, including State Street Corporation, settled in Lujiazui Financial City. Allianz SE (China) Insurance Holdings, a wholly-owned subsidiary of Allianz SE, was approved in November 2019 and officially opened in January 2020. These milestones reflect Shanghai’s, and specifically Lujiazui’s, growing role as a global financial and asset management center.
Comprehensive Support for Enterprises
Foreign-invested businesses, particularly small enterprises registered in the FTZ, enjoy preferential tax policies. For instance:
Value-Added Tax (VAT): A portion of the local VAT collected may be returned to the company annually as an incentive.
Enterprise Income Tax (EIT): Similarly, a percentage of the local EIT portion can be refunded yearly.
Individual Income Tax (IIT): If IIT liabilities account for no less than 40% of total VAT, EIT, and IIT payments, 40% of the local retainable portion is returned to the enterprise.
In addition, Lujiazui emphasizes intellectual property protection as a key factor in creating a world-class business environment. The district collaborates closely with the China (Pudong) Intellectual Property Protection Centre to support local enterprises in innovation and technology development while safeguarding their IP rights.
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