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Another 58 multinational companies locate headquarters in Shanghai
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SHANGHAI gained extra charm among foreign investors with the establishment of the pilot Free Trade Zone and the city's growing importance for the domestic market, as some multinational companies set their global headquarters in Shanghai.
Today a batch of 58 multinational companies received their certificates for locating their regional headquarters in Shanghai. Delphi Packard Electric Systems Co Ltd, a car part manufacturer, announced that it will move global headquarters from Detroit, the United States, to Shanghai.
"China is the future of the car industry, and Shanghai is the gateway of China's market," said Simon Yang, president of Delphi China. "That's why we move the headquarters of Delphi Packard, a major division of Delphi, from the US to Shanghai."
Yang added the local government's strong support, a sufficient talent pool and the improvement of both software and hardware here in Shanghai also contributed to their decision.
Others receiving the certificates today included American Bureau of Shipping (China) Ltd, Asahi Breweries (China) Co Ltd, Meidensha (Shanghai) Corporate Management Co Ltd and Burger King (China) Co Ltd.
The official data showed that by end of October, Shanghai attracted altogether 484 multinational companies to establish their regional headquarters in Shanghai, as well as 295 holding companies and 379 research and development centers.
"Foreign companies with their regional headquarters in Shanghai are model companies," said Xu Yibo, deputy secretary general of the Shanghai municipal government. "Although they only account for 1.1 percent of the total foreign-invested companies in Shanghai, their revenue, profit and employment make up 8.6 percent, 14.1 percent and 4.3 percent of the total respectively."
Xu said in the next move, Shanghai will take good advantage of the opportunities brought by the pilot free trade zone, and further improve Shanghai's environment for foreign investment.
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