Shanghai aims to be alluring as magnet for RHQs
Print Edition
SHANGHAI aims to “further improve our business environment” to help draw another 45 multinational companies to locate their regional headquarters here this year, the Shanghai Commission of Commerce said yesterday.
Regional headquarters already located in the city will be encouraged to upgrade to boost the city’s status as the Chinese mainland’s largest hub for foreign companies.
“Participation of foreign investment and foreign techniques is a remarkable feature of Shanghai’s economy,” said Shang Yuying, chairwoman of the commission.
“We shall further improve our business environment to stay attractive for foreign investors,” Shang said during a commerce meeting to unveil the commission’s key missions and targets for this year.
By the end of last year, Shanghai was home to 535 regional headquarters of multinational companies, with 41 of them being the Asia Pacific headquarters. About 230 multinational companies located their regional headquarters in Shanghai in the past five years, or an average of 45 per year.
The companies accounted for only 1 percent of the city’s total foreign-invested firms, but they contributed 9 percent of foreign-invested firms’ revenues and 15 percent of their profits.
Shanghai is also home to 396 research and development centers, or 25 percent of the country’s total. Over 120 were set up by Fortune Global 500 companies, or one third of the country’s total.
Shanghai also targets an over 8 percent growth in retail sales and a 20-percent jump in e-commerce. Foreign direct investment should be kept at around US$17 billion, the commission said.
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