Further opening up the Hongqiao area in Shanghai will bring more prosperity and development opportunities to the city, the Yangtze River Delta, and the world, said officials, scholars and business executives during a forum in Shanghai on Saturday.

The Hongqiao International Open Hub and Coordinated Regional Development forum was one of the many sub-forums of the Hongqiao International Economic Forum held alongside of the China International Import Expo from Nov 4 to 10.

Mayor of Shanghai Gong Zheng said at the sub-forum that the transformation of the Hongqiao area into an international hub is a major component in the national strategy for the integration of the Yangtze River Delta.

This transformation would also showcase China's determination to further open up and create opportunities to increase Shanghai's attractiveness, competitiveness, and innovative capacity.

Gong said Shanghai will focus on attracting global resources to Hongqiao and linking inland provinces so that the hub can better drive the economic growth of the Yangtze River Delta and become a hallmark for reform and opening-up in the new era.

Wang Zhan, president of the Shanghai Federation of Social Sciences Associations, said the China International Import Expo and the Hongqiao International Open Hub can complement each other as international trade and business brought by the expo will spill over to the delta area through Hongqiao.

"The high-level business services in the Hongqiao area will attract many multinational companies to set up their China or regional headquarters here, and this would further push the opening-up and coordinated development of the Yangtze River Delta," he said.

Marcos Troyjo, president of the New Development Bank, said that there are four critical factors to a city's success - openness to international trade and investment, innovation, entrepreneurship, and the enthusiasm for development.

"I can find all four factors here in Hongqiao," he said. "They will eventually make Hongqiao a dynamic economic region that will impact the world."

Vincent Lo, chairman of Shui On Group, said Shanghai can set up an organization dedicated to Belt and Road investment and trade promotion in Hongqiao, noting that there are companies in the Yangtze River Delta that wish to explore overseas markets.

"The organization can compile economic and market intelligence on the countries involved in the Belt and Road Initiative, provide risk assessment and holistic investment consultancy services, and stage major exhibitions and summits to provide efficient, convenient face-to-face meetings, creating opportunities for economic, trade and investment cooperation," he said. 

Ren Congliang, deputy director of the National Development and Reform Commission, and Wang Shouwen, vice minister of commerce, also spoke at the sub-forum.