Incentives to set up global R&D hubs
Print Edition
SHANGHAI is encouraging multinational companies to set up their global research and development centers in the city by offering various incentives as it seeks to transform itself into a global technological hub.
The companies will be able to tap the incentives, to take effect next month, which include financial carrots to establish global R&D centers, the deregulation of non-trade contract applications, favorable tax payments, quicker customs clearance for research equipment and wider credit channels. Foreign scientists and engineers will also enjoy enhanced visa and residency services.
The examination and inspection of research samples and materials of life science companies will be made easier such as checking them only once, and the check will be valid for a year. Multiple entries of the samples and materials will be allowed.
Shanghai will also increasingly allow foreign companies to be involved in technological research and development as well as encourage them to collaborate with local universities, research institutions, and related government departments.
At the end of last month, 525 multinational companies sited their regional headquarters in Shanghai, along with 391 R&D centers.
Last year, Shanghai invested 83.1 billion yuan (US$13 billion) in research and development, almost double the amount spent in 2010.
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