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The trade and economic cooperation between China and the Democratic People's Republic of Korea (DPRK) has continually grown since early this year. The development and opening up of the New Yalu River Bridge saw the connection of China's Dandong to Sinuiju city of DPRK, Weihua Island and Huangjinping Island, located on the boundary of the Yalu River between China and DPRK. The economy prospers in Dandong city, in Northeast China's Liaoning province.
Hong Kong Hongxin Group and Shanghai Red Star Macalline Group co-invested in the Yalu river commercial brand zone and Red Star Macalline Mall at "Pearl Bay" in Zhen'an district in the city. Hongxin Group will set its Northeast China headquarters operation for a dozen world famous brands under its proxy, including Goldlion, Pierre Cardin and Playboy. It is expected to generate 280 million yuan ($43.76 million) in annual operations revenue.
Qinhuangdao Boen Group has moved its ship service headquarters to the Jinshan Economic Development Zone in Yuanbao district. Its next step is to transfer the coal business headquarters to Dandong. A Hong Kong-funded energy company in Huhhot invested $60 million to shift its enterprise headquarters to Dandong, which is now in operation
Located at the eastern part of Northeast China with an extension to the Korean Peninsula market, Dandong is an ideal choice for big companies
Multinational corporations are enthusiastic about setting up global or regional headquarters in China's first-class cities, such as Beijing, Shanghai and Hangzhou. Developing the headquarters economy generate more taxes for local government, and stimulate centralized development of the information service, financial service and intermediary service sectors. It elevates the region's popularity, attracts more experts and integrates multiple cultures in the region.
Compared to other third-tier Chinese cities, many companies think highly of Dandong's developing potential due to its superior regional advantages and transportation network. Dandong boasts natural harbors, convenient transportation facilities and vast market coverage, which are key factors for setting up headquarters. With the opening of the New Yalu River Bridge, Weihua Island and Huangjinping Island, Dandong has become a new investment destination.
Dandong's headquarters economy remains in its infancy, which is yet to create more tax income for the city. The headquarters economy will promote the city's development of modern service industries like finance, conferences, exhibitions and logistics. When it sets up the Northeast China operation headquarters in Dandong, Hongxin Group plans to hold two national order-placing meetings every year in the city, which will attract nearly 10,000 merchants with an annual order volume worth hundreds of million yuan.
This year, Yuanbao district signed and started five headquarters projects. With more and more headquarters introduced in the city, Dandong will embrace a new urban economic era.
Edited by Chen Zhilin and Tania Lee
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