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April 9, 2020

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Capital inflows in Shanghai up 4.5%

SHANGHAI reported rising foreign capital inflows totaling about US$4.67 billion in the first quarter of this year, which was up 4.5 percent year on year, the city government said yesterday.

Shanghai issued certificates to a total of 21 regional headquarters and 10 R&D centers yesterday.

Among them are two Global Fortune 500 companies.

Seven companies are involved in biomedicine, eight in the field of digital information technology and artificial intelligence and intelligent manufacturing, three each in integrated circuits and new material technology.

In total, the regional headquarters of 730 foreign-funded multinational companies, as well as 466 foreign-funded R&D centers, had set up bases in Shanghai by the end of March, as the city’s headquarters economy continues to thrive, statistics from the municipal commission of commerce showed.

A total of 129 foreign investment projects worth over US$23.9 billion had been signed in two separate ceremonies organized by the Shanghai government in January and March.

BioMerieux, a biotechnology company from France has set up a R&D center in Shanghai. Its Asia-Pacific headquarters is in Shanghai, which was the company’s third largest base for R&D, production and operation.

“Our company has posted an annual revenue growth of 15 percent in China, and has increased our investment here for two consecutive years,” said Theresa Huang, CFO of Biomerieux China. “We’ve benefited a lot from the good business environment in Shanghai including tax policies as well as the integrated development of the Yangtze River Delta.”

Valmet Oyj is a Finnish company offering technologies, automation systems and services for the pulp, paper and energy industries. The company has set up four world-class factories, three service centers, an automation technology center and five sales offices in China, with around 1,800 staff, according to Zhu Xiangdong, CEO of Valmet China.

On the COVID-19 pandemic, Zhu said, “We did see certain negative impacts on our business, but we believe that we can see a positive annual revenue growth for 2020 in China.”


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