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Shanghai鈥檚 luster as regional HQ continues to attract MNCs
Print Edition
MORE than 30 multinational companies chose to locate their regional headquarters in Shanghai in the first eight months of this year as foreign investors continued to be confident about the city, the Shanghai Commission of Commerce said yesterday.
“Shanghai has developed a more open attitude to welcome foreign investors and the policies we rolled out last year have encouraged more companies to set up their functional branches in the city,” Shang Yuying, chairwoman of the commission, said during a ceremony to award certificates to MNCs that set up their regional headquarters in the city.
Last year, Shanghai allowed more MNCs, whose regional headquarters are not in the city, to benefit from policies regarding visa, residence permit, working certificate and foreign expert certificate. But their subsidiaries in the city must be involved in developing strategies, asset management, sourcing, sales, logistics, training, and research and development.
“The new rules have made us feel more at home in Shanghai,” said Xiao Song, president of Asia at Siemens’ energy management division.
Siemens’ China headquarters are in Beijing but its Shanghai firm also does core functions and employed over 10,000 people, making it the biggest branch outside Germany.
By the end of last month, 522 MNCs had set up their regional headquarters in Shanghai, with 36 being the headquarters for the Asia-Pacific region.
The city, China’s largest base of foreign-invested firms, is also home to 390 foreign research and development centers.
In the first eight months of this year, Shanghai’s contracted foreign investment jumped 1.13 times from a year earlier to US$43 billion, exceeding the total volume of last year.
Also yesterday, the Shanghai Statistics Bureau released key economic activity data.
Retail sales in the city grew 7.4 percent year on year to 85.6 billion yuan (US$13.4 billion) in August, slowing from 7.7 percent a month ago.
Industrial output shrank 5.2 percent to 239.5 billion yuan last month, worse than the loss of 4.3 percent in July.
The fixed-asset investment rose 7 percent in the first eight months to 361.6 billion yuan, easing from 8.7 percent in the first seven months.
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