Hongtang's economy is developing rapidly. At present, Hongtang Industrial Zone A, Industrial Zone B has been built. Jiangbei Investment and Entrepreneurship Park is also located in the area. After several years of development, it has formed a block economy characterized by blades, speakers, medical devices, printing and packaging, textiles and handicrafts, and driven the development of related industries. Hongtang's tertiary industry is rising rapidly. With the advantages of location and resources, Hongtang Street vigorously develops the tertiary industry. At present, the construction of a large number of real estate projects, such as Ningbo affordable housing, Yaojiang Garden, Hongdu Garden, and Kissing Home, has gathered popularity for Hongtang. The construction of Yaojiang Xindu, which covers an area of 20 acres and has a building height of 18 floors, has already begun. Upon completion, it will become a business center integrating office, commerce, catering and leisure. At the same time, the market, construction, transportation, steel pipe leasing and other tertiary projects have formed a certain scale, optimizing the tax structure of Hongtang and ensuring the development of Hongtang's economy.
Hongtang is rich in tourism resources. There is Baoguo Temple, a national AAA-level cultural relics protection unit, within its jurisdiction; there is Ningbo Urban Agricultural Park, which was rated as one of the top ten new scenic spots in Ningbo City District in 2002, with a planning area of more than 10,000 acres, and is a provincial-level agricultural high-tech demonstration park, as well as the city's domestic and foreign agricultural famous and rare varieties and high-tech test and promotion base. Hongtang has a perfect education system. It has kindergartens, elementary school, middle schools, adult schools and two private schools (Zhicheng School and Seeking Knowledge School), and the Yaojiang Primary School with an investment of 30 million yuan is under construction. Ningbo Green School, an educational base for young people, is located here. Hongtang builds a new type of community. The street now has Hongtang Community Committee and Yaojiang Garden Community Committee. In the community set up a senior waist drum team, rice-planting song team, door team, tai chi team and fan team and other teams, enriching the community's cultural activities; at the same time, the use of senior activity room, gym, cultural activities room, electrochemical education room and other facilities to carry out various types of activities.