City is big draw for global firms
By Wang Yanlin |
November 3, 2011, Thursday
|
Print Edition
Print Edition
ALTHOUGH multinational companies have to tighten their belts in the global economic slowdown, many of them are still betting on the prospects of Shanghai and are setting up their regional headquarters in the city.
Yesterday, 20 global firms received certificates from Mayor Han Zheng to honor them for locating their regional headquarters in Shanghai.
Among them were familiar names such as APL, Hitachi and Anheuser-Busch InBev.
By the end of September, Shanghai was home to 347 regional headquarters of MNCs (either for China or for the Asia Pacific region) and 332 research and development centers, making the city China's biggest hub for such headquarters.
"Shanghai highly values the contribution of foreign companies and their long-time commitment, and will continue to support their development, which helps the city upgrade its economy," said Vice Mayor Ai Baojun yesterday at the ceremony.
Against the backdrop of global economic slowdown, Shanghai still attracted US$15.4 billion contracted foreign direct investment in the first three quarters of 2011, up 36.6 percent from a year earlier.
Among the investments, 86.4 percent were directed into the services industry that Shanghai aims to bolster as a major economic driver, while the remaining 13.4 percent were in manufacturing.
Han said last week that Shanghai is keen to improve economic structure and build a higher-efficiency economy, in which foreign companies have a big role to play.
In the just-concluded annual meeting of the International Business Leaders' Advisory Council, many top leaders of MNCs made suggestions on how to improve Shanghai's business environment, reflecting their strong interest in the city.
According to statistics, Shanghai's gross domestic product expanded 8.3 percent year on year in the first three quarters, a slowdown from 9.9 percent for 2010, as the city focused on quality rather than quantity of economic growth.
Yesterday, 20 global firms received certificates from Mayor Han Zheng to honor them for locating their regional headquarters in Shanghai.
Among them were familiar names such as APL, Hitachi and Anheuser-Busch InBev.
By the end of September, Shanghai was home to 347 regional headquarters of MNCs (either for China or for the Asia Pacific region) and 332 research and development centers, making the city China's biggest hub for such headquarters.
"Shanghai highly values the contribution of foreign companies and their long-time commitment, and will continue to support their development, which helps the city upgrade its economy," said Vice Mayor Ai Baojun yesterday at the ceremony.
Against the backdrop of global economic slowdown, Shanghai still attracted US$15.4 billion contracted foreign direct investment in the first three quarters of 2011, up 36.6 percent from a year earlier.
Among the investments, 86.4 percent were directed into the services industry that Shanghai aims to bolster as a major economic driver, while the remaining 13.4 percent were in manufacturing.
Han said last week that Shanghai is keen to improve economic structure and build a higher-efficiency economy, in which foreign companies have a big role to play.
In the just-concluded annual meeting of the International Business Leaders' Advisory Council, many top leaders of MNCs made suggestions on how to improve Shanghai's business environment, reflecting their strong interest in the city.
According to statistics, Shanghai's gross domestic product expanded 8.3 percent year on year in the first three quarters, a slowdown from 9.9 percent for 2010, as the city focused on quality rather than quantity of economic growth.
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