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December 7, 2018

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More companies to establish headquarters

SHANGHAI has granted approval for 30 multinational enterprises to establish their headquarters in the city, and also for 15 research and development centers.

The companies granted certification by the Shanghai Commission of Commerce include BioMerieux, the world’s largest in-vitro diagnostics company; MSC Cruises, the world’s largest family-owned cruise business; InterContinental Hotels Group, the world’s largest international hotel group; AECOM, the world’s largest general architectural and engineering company; world famous fashion luxury brand Coach Group; the world’s largest small and medium-sized display manufacturer Japan Display Inc; the world’s largest toy company Mattel Group, the world’s No.1 perfume company COTY Inc; global memory production leader Kingston Company; and famous Japanese chemical enterprise Kobayashi Pharmaceutical.

Meanwhile, the city’s commerce commission has supported multinationals to set up open innovation platforms, and encouraged foreign R&D centers to participate in major projects. It has also guided social capital to support the industrialization of R&D.

As a result, a large number of R&D centers with strong innovation capability and great international influence have emerged in Shanghai. The 15 R&D centers awarded certification include Valeo Group, the world’s leading supplier of auto parts; Schindler Group, one of the world’s largest producer of elevators and escalators; and Zai Lab, a leading biopharmaceutical enterprise.

Meanwhile, senior government official Tang Zhiping told a forum yesterday that there will be no end to Shanghai’s efforts to improve its business environment.

“With a focus on the development of the city’s free trade zone, Shanghai will explore more ways to improve its business environment,” said Tang, the secretary general of the Shanghai government.

He was speaking at the Shanghai International Think Tank Summit hosted by the Development Research Center of the local government.

In November, the World Bank released its latest global assessment of business environments, and China now ranks 46 out of the 190 countries and regions, up from 78 last year.


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