Tang said, "With the new plan being implemented, cities in the hub area will have more opportunities to attract good projects and further integrate their economic development with Shanghai and the world."

Earmarked for completion in 2035, the hub will become the crossroads for global flows of freight, business, people and capital, according to the blueprint.

To achieve this goal, the plan includes many construction projects for regional railway networks and also outlines a series of favorable policies for regional integration, foreign entrepreneurship, and international trade and finance.

Multinationals are being encouraged to set up global or regional capital management centers in the hub.

Such centers, which are usually based in corporate headquarters, are mainly responsible for managing multinational companies' cash, operating capital, investment, financing, risks and relations with financial institutions.

"However, some multinational companies with extensive global networks set up regional capital management centers to cover the world's major time zones," said Jin Penghui, vice-president of the Shanghai head office of the People's Bank of China.

He said a cluster of capital management centers is conducive to developing the finance industry, economic growth for the areas in which the centers are located, and will provide the impetus for Shanghai to grow into a world financial center.

Another highlight of the plan is piloting real estate investment trusts for infrastructure projects in the hub area.

To better link Hongqiao and neighboring areas of the Yangtze River Delta region, a large number of infrastructure projects are underway. These include the Shanghai-Suzhou-Huzhou and Shanghai-Jiaxing-Hangzhou high-speed railways, along with extended metro lines better connecting Hongqiao and other areas of Shanghai.