Jinghu Lake New Area International Financial Vitality City [Photo/Zhejiang Daily]

During a recent ceremony held in the "Jinghu Lake New Area International Financial Vitality City", all financial institutions in Shaoxing signed agreements to relocate to the new district, local media reported on Jan 1.

The Jinghu Lake New Area Development Office and eight financial institutions, including the Shaoxing branch of the Agricultural Bank of China, inked agreements on their establishment.

The International Financial Vitality City in Jinghu Lake New Area is poised to become a future skyline with completed frameworks for the headquarters buildings of various banks. Some structures have already been completed.

"Three financial office cluster buildings will be constructed to accommodate small and medium-sized financial and derivative enterprises," said a member of the construction team.

The project was launched in 2020 and has a planned construction area of 1.75 million square meters. It follows an integrated design and construction approach known as "one heart, one axis, one ring," aiming to become Shaoxing's new financial center featuring financial headquarters, businesses, office spaces, residences, cultural offerings, shopping, dining, and entertainment.

The project is now 95 percent complete, with four bank headquarters buildings having already been completed.

Industry experts believe that just as the Lujiazui area in Shanghai transformed from tidal flats into a national-level financial center 30 years ago, Shaoxing is now on the verge of having its own "Lujiazui."

Furthermore, the plans include a large neighborhood center, star-rated hotels, high-end commercial complexes, a fresh produce market, and kindergartens. "The successive entry of bank headquarters will make this area increasingly vibrant," said Fang, who already resides in the vicinity.