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Shanghai plans new rule to attract MNCs
By Wang Yanlin |
July 9, 2012, Monday
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Online Edition
Online Edition
SHANGHAI will soon release details of a new rule to encourage multinational companies to move their headquarters to the city, Shanghai Vice Mayor Ai Baojun said today.
The new rule will focus on improving the investment environment by making it more convenient for investors. It will also lower costs by providing subsidies to newly established regional headquarters or to MNCs that change their status to a higher level, for example going from a Chinese headquarters to an Asian headquarters.
"The Shanghai government will go all out to facilitate the growth of MNCs in the city, as foreign investment remains an important force to power ahead the city's development in technology, management and innovation."
In December, the Shanghai Commission of Commerce publicized a document briefing the city's target of attracting US$10 billion in foreign direct investment in each year through 2015. The commission will provide more details this time, Ai said.
The vice mayor made the remarks during a ceremony to render certificates to 40 foreign companies that recently located their regional headquarters in Shanghai.
By the end of June, 380 MNCs had set up their regional headquarters in Shanghai, and another 348 had established research and development centers here, making the city an important base in China for foreign companies.
In the first half, foreign direct investment in Shanghai rose 22.6 percent from a year earlier, raising the physically allocated investment to US$7.37 billion.
Contracted foreign direct investment expanded 15.8 percent to US$11.2 billion in the January-June period, during which 1,681 new foreign-funded projects got approved.
A mature market system, skilled workforce, efficient government and transparent laws should be major reasons for foreign investors to choose the city, instead of preferential policies, the commission said earlier.
The new rule will focus on improving the investment environment by making it more convenient for investors. It will also lower costs by providing subsidies to newly established regional headquarters or to MNCs that change their status to a higher level, for example going from a Chinese headquarters to an Asian headquarters.
"The Shanghai government will go all out to facilitate the growth of MNCs in the city, as foreign investment remains an important force to power ahead the city's development in technology, management and innovation."
In December, the Shanghai Commission of Commerce publicized a document briefing the city's target of attracting US$10 billion in foreign direct investment in each year through 2015. The commission will provide more details this time, Ai said.
The vice mayor made the remarks during a ceremony to render certificates to 40 foreign companies that recently located their regional headquarters in Shanghai.
By the end of June, 380 MNCs had set up their regional headquarters in Shanghai, and another 348 had established research and development centers here, making the city an important base in China for foreign companies.
In the first half, foreign direct investment in Shanghai rose 22.6 percent from a year earlier, raising the physically allocated investment to US$7.37 billion.
Contracted foreign direct investment expanded 15.8 percent to US$11.2 billion in the January-June period, during which 1,681 new foreign-funded projects got approved.
A mature market system, skilled workforce, efficient government and transparent laws should be major reasons for foreign investors to choose the city, instead of preferential policies, the commission said earlier.
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