Shanghai accredits regional headquarters of 30 MNCs
A total of nine foreign companies officially received credit for their China or Asia Pacific headquarters in Shanghai.
A latest batch of regional headquarters of leading multinational companies was accredited by the city government on Thursday, the latest indication of Shanghai's strong vibrancy and attractiveness for foreign investment from various industry segments.
A total of 30 foreign companies officially received credit for their China or Asia Pacific headquarters and 15 companies set up research and development centers in the city.
The MNSc also reaffirmed their commitment to the Chinese market with more localization efforts planned in the future.
President of Otis China Sally Loh said its global R&D center in the Pudong New Area is its largest around the globe, with hundreds of engineers working on digitalization, as well as smart and connected elevator and escalator solutions to serve China and the rest of the world.
"The certification for our global R&D center is really an indication of the depth of our innovation capabilities, as well as the richness of the talent pool that is available in Shanghai," she added.
Shanghai was also the natural choice for Italian luxury brand Dolce & Gabbana for its Asia Pacific headquarters.
Asia's first flagship brand cultural space "Casa Dolce & Gabbana" was unveiled at the Zhangyuan complex in downtown Jing'an District last month where it brings art, design, and craftsmanship together to foster deeper connection between Italian and Chinese cultures.
Dolce & Gabbana Asia Pacific CEO and President Andrea Fasola explained that Shanghai has always been a unique place in terms of resources, infrastructure and talent, and it remains the top choice while developing new initiatives for the company.
The first-ever Dolce & Gabbana Caffè will also be unveiled in September at its Jing'an store.
In the first half of this year, 3,007 new foreign-invested enterprises were set up in Shanghai, a remarkable increase of 18.3 percent compared with the same period of last year.
Kimberly-Clark China Managing Director Andy Guo also expects to speed up local innovation, to better suit the rising demand for quality products from middle class consumers.
In the past two years the company has spent an annual average of around 25 million yuan (US$3.45 million) on research and development in China, nearly double from the average level of around 13 million yuan during the last ten years.
"China has the most growth potential and we're dedicated to continuous local R&D efforts together with suppliers and partners," he said.
IWG Group which operates an extensive network of flexible office space, co-working and virtual office locations, believes the estalbishment of its China headquarters in Shanghai will also boost its future expansion pace.
IWG Country General Manager for China Edward Hu said the firm has accelerated its expansion in the domestic market in the past one and half years, with 50 newly-established co-working spaces in the country; around a quarter of them in Shanghai.
"We remain fully confident in the future development of China and our Shanghai headquarters will further enhance our management efficiency," he added.
In the first half of this year, 3,007 new foreign-invested enterprises were set up in the city, a remarkable increase of 18.3 percent compared with the same period of last year.
The number of regional headquarters and foreign-funded R&D centers also reached 986 and 575, respectively.
