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The North Bund area is set to become Shanghai's new economic powerhouse, second only to Pudong, the China Daily said recently.

Large-scale renovation will begin soon, according to a keynote report released by the Development Research Centre under the State Council currently.

The report pointed out that speeding up the development of the North Bund area is strategically important to Shanghai's competitiveness and the construction of the international shipping centre.

Based on its geographic advantages, the North Bund area shall be transformed into a modern business compound with shipping-related service industries as its core.

The area to be renovated, covering 3.66 square kilometres with 3.53 kilometres of coastline, is currently packed with dilapidated warehouses, docks and residential complexes.

"All projects will be started by the end of 2004 and be completed in eight years to realize the historic leap forward of the area in terms of landscaping, industrial structure and urban functions," said Cheng Guang, director of the Hongkou district which includes the North Bund.

In the coming five years, the district will push forward six main projects: the Shanghai Harbour International Passenger Terminal; a trade park; the expansion of East Changzhi Lu; the riverfront green belt; the "Shanghai Star" cultural and tourism attraction and a residential complex.

The passenger terminal will cover 146,000 square metres and an 850-metre stretch of coastline, cater to international ocean liners and luxury yachts, and begin construction this year, Cheng said.

The trade park, covering 32,750 square metres, will set up commercial and office buildings to provide entrepreneurs from Taiwan Province with an easy and convenient environment to develop their businesses.

Three design companies have presented their drafts for the park.