Global firms put regional HQs here
By Wang Yanlin |
July 15, 2010, Thursday
|
Print Edition
Print Edition
The Walt Disney Co, Kraft Foods Inc, Vale of Brazil and Novartis International AG are among a batch of multinational companies recently deciding to locate their regional headquarters in Shanghai.
Twenty-four multinational companies, including six on the world's Fortune Global 500, were given the certificates for moving their regional headquarters in Shanghai yesterday. That pushed the total number to 795, including regional research and development centers, and maintained the city's status as China's top destination for regional headquarters of multinationals.
"The growing number demonstrated foreign companies' recognition of Shanghai's overall environment for foreign investments," said Sha Hailin, chairman of the Shanghai Commission of Commerce. "It also came at a special moment when the World Expo was held in Shanghai, which greatly boosted the city's awareness among many foreigners."
Even at the downturn of the global economy disrupted by the financial and debt crisis, Shanghai's foreign direct investment increased 4.5 percent from a year earlier in 2009 to reach a record US$10.5 billion.
In the first six months of this year, Shanghai's foreign direct investment has surpassed US$5.4 billion, up from US$5.2 billion a year ago, the commission said.
The city's total investments from overseas thus amounted to US$100.7 billion, making Shanghai the third place in China reporting accumulated foreign investments of more than US$100 billion.
The others are Guangdong Province with US$230 billion and Jiangsu Province with US$200 billion.
Among the 24 multinational companies were the world's entertainment giant Walt Disney, which has decided to build a theme park in Shanghai; Kraft, the world's second-largest food company; Vale, the world's top iron ore producer and exporter; and Novartis, the global medicine company, which moved its Chinese headquarters from Beijing to Shanghai.
The 24 included eight American firms, six from Japan, three from France, two from Singapore and others from Brazil, Germany, Switzerland, Hong Kong and Macau.
"Shanghai will make good use of the opportunities provided by the World Expo, and endeavor to improve the environment for foreign investments," Sha said.
He noted that foreign investments are making strong contributions to Shanghai's economic growth and industrial restructuring as the city revamps its once export-oriented economy and moves toward the advanced manufacturing and services sectors. The city's high-tech industry outperformed its industrial output in the first half.
Twenty-four multinational companies, including six on the world's Fortune Global 500, were given the certificates for moving their regional headquarters in Shanghai yesterday. That pushed the total number to 795, including regional research and development centers, and maintained the city's status as China's top destination for regional headquarters of multinationals.
"The growing number demonstrated foreign companies' recognition of Shanghai's overall environment for foreign investments," said Sha Hailin, chairman of the Shanghai Commission of Commerce. "It also came at a special moment when the World Expo was held in Shanghai, which greatly boosted the city's awareness among many foreigners."
Even at the downturn of the global economy disrupted by the financial and debt crisis, Shanghai's foreign direct investment increased 4.5 percent from a year earlier in 2009 to reach a record US$10.5 billion.
In the first six months of this year, Shanghai's foreign direct investment has surpassed US$5.4 billion, up from US$5.2 billion a year ago, the commission said.
The city's total investments from overseas thus amounted to US$100.7 billion, making Shanghai the third place in China reporting accumulated foreign investments of more than US$100 billion.
The others are Guangdong Province with US$230 billion and Jiangsu Province with US$200 billion.
Among the 24 multinational companies were the world's entertainment giant Walt Disney, which has decided to build a theme park in Shanghai; Kraft, the world's second-largest food company; Vale, the world's top iron ore producer and exporter; and Novartis, the global medicine company, which moved its Chinese headquarters from Beijing to Shanghai.
The 24 included eight American firms, six from Japan, three from France, two from Singapore and others from Brazil, Germany, Switzerland, Hong Kong and Macau.
"Shanghai will make good use of the opportunities provided by the World Expo, and endeavor to improve the environment for foreign investments," Sha said.
He noted that foreign investments are making strong contributions to Shanghai's economic growth and industrial restructuring as the city revamps its once export-oriented economy and moves toward the advanced manufacturing and services sectors. The city's high-tech industry outperformed its industrial output in the first half.
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