Boom times arrive for city's headquarters economy

The corporate headquarters economy is booming in Guangzhou, according to the city's commission of commerce, with 287 of the Fortune Global 500 top companies this year hatching a record 921 projects in the city to expand their operations in China.

Among them, at least 120 enterprises have set up their headquarters or regional headquarters - and more than half of them have launched investments in the city.

Most of them are engaged in manufacturing and modern service industries, which have made important contributions to the shaping of a modern industrial system in Guangzhou.

China Southern Power Grid and Guangzhou Automobile Co are among the Fortune Global 500 companies that built their global headquarters in Guangzhou.

The city is home to the China headquarters of such big names as Procter and Gamble and insurance giant Allianz, as well as functional headquarters of Sinomach Intelligence Technology and the global headquarters of Wanda Sports.

In the automobile sector alone, three major Japanese automakers - Honda, Toyota and Nissan - have set up their production bases in Guangzhou.

Auto part manufacturers followed in their steps and built their business branches in the city, which has enabled Guangzhou to become China's important automotive and auto parts production and export base.

The establishment of COSCO Shipping Bulk Co's headquarters and China Eastern Airlines' Guangdong base there has given a strong boost to the evolution of Guangzhou as a sea and air transportation hub in China.

Guangzhou's development is backed by the city's strong innovative research capabilities.