Shanghai offers more opportunities for multinationals

(chinadaily.com.cn)Updated : 2020-11-25


Shanghai steps up efforts to further promote reform and opening-up. [Photo/sipa]

A total of 30 new regional headquarters and 10 research and development centers for multinational companies were recently recognized by the Shanghai Municipal Commission of Commerce, according to a news report.

Among the 40 multinational companies, many of them are industry leaders, including five Fortune Global 500 companies.

"It was Shanghai's high level of opening up and improved business environment that made us decide to set up our regional headquarters here," said Dong Minghua, senior operating director of Oriflame Cosmetics Greater China.

Dong added that he has full confidence in Shanghai's economic prospects and market potential, and expects the city to grow into an economic area with strong international competitiveness and influence.

Wyeth Infant Nutrition, which entered the Chinese market in 1986, announced at the third China International Import Expo (CIIE) that its Greater China headquarters would be located in Shanghai.

David Zhang, regional business head of Wyeth Infant Nutrition, Greater China Region, said that the company will further develop in the Chinese market with its new Shanghai headquarters.

"Wyeth will steadily upgrade the functions of the regional headquarters in Shanghai, and five centers for manufacturing, research and development, talent cultivation, global cross-border e-commerce, and customer service will also be built in Shanghai," added Zhang.

Danish jewelry brand Pandora will officially open its China headquarters at the end of November. The regional headquarters in Xuhui district will contain more functions which will boost the company's digital network and procurement in the Asia-Pacific region.

"The decision to establish Pandora's China headquarters in Shanghai reflects our confidence in the city," said Jacques Roizen, general manager of Pandora China.

Japan's Culture Convenience Club (CCC), announced that it will set up its regional headquarters in Shanghai, and will open 1,100 shops across the country with a total investment of 1.4 billion yen ($13.68 million).

Shanghai has stepped up efforts to promote reform and opening-up. On September 30, the city released the first regional implementation regulation for the national Foreign Investment Law, which was officially implemented on November 1. It gives foreign investors broader market access and better protects their legitimate rights and interests.

Shanghai has added 43 regional headquarters and 16 research and development centers for multinational companies so far this year, bringing the total number of multinational regional headquarters in the city to 763 and the total number of multinational research and development centers to 477, according to statistics from the city's commerce commission.

Statistics also show that Shanghai's actual use of foreign investment expanded 6.2 percent year-on-year to $17.18 billion in the first 10 months of the year, reflecting the city's increasing economic appeal to foreign investors.