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November 20, 2020

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Home » Business

City’s HQ economy sees steady growth

By Huang Yixuan | 00:05 UTC+8 November 20, 2020 | Print Edition

Shanghai Mayor Gong Zheng yesterday awarded certificates to a new batch of 30 regional headquarters and 10 research and development centers of transnational and multinational enterprises, an indication that the city remains a popular destination for foreign investment.

Most of the firms are in the key industries on which Shanghai has a strong focus. Among them, four are in biomedicine, four in information technology, four in automobiles, four in intelligent manufacturing, and three in integrated circuits. Five are Global Fortune 500 enterprises.

Nine of the 40 regional headquarters and R&D centers are for China, the Asia Pacific region or bigger areas.

Shanghai authorities have always attached great importance to the development of foreign-funded enterprises, and have made greater efforts to open up and recover from the shutdown after the COVID-19 pandemic.

In order to better implement the new Foreign Investment Law, the city has taken the lead in introducing the first local regulations on foreign investment in China.

The new regulations on encouraging the establishment of R&D centers of foreign enterprises will also be implemented in December, aiming to create a better policy environment for the centralized development of foreign-funded R&D centers.

Currently, the city boasts 763 regional headquarters and 477 R&D centers of transnational and multinational enterprises.

From January to October, Shanghai’s actual use of foreign capital topped US$17.18 billion, up 6.2 percent year on year, indicating steady growth of the headquarters-based economy.

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