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December 14, 2016

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European firms still grow in city

EUROPEAN companies in Shanghai report that they are still expanding this year, and their focus will be on high technology and advanced manufacturing for the future, said the European Union Chamber of Commerce Shanghai Chapter yesterday.

Seventy-one percent of Shanghai-based European companies reported positive earnings before interest and tax in 2016. Twenty percent of the companies posted substantial increases in revenue of above 20 percent, according to the Shanghai Position Paper published by the chamber in China yesterday.

“The businesses of European companies in Shanghai are still growing this year,” said Michael Adams, chairman of the chamber’s Shanghai Chapter.

High-technology, research and development and advanced manufacturing are the key focus of European firms in Shanghai this year, the paper said.

Shanghai has more than 400 foreign-invested R&D centers and also boasts a high number of graduate talent in science, technology, engineering and mathematics, the paper said.

The paper reports on the state of European businesses in Shanghai.


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