Wuxi works to develop headquarters economy

A total of 52 companies have set up their headquarters in Wuxi to date, 17 of which were set up this year, the city's development and reform committee reported recently.

According to the report, companies in the advanced manufacturing sector account for 57.6 percent of all headquarters in the city. In addition, 38 companies have expanded the functions of their Wuxi headquarters, combining production bases, research and development centers and technology centers.

The 52 headquarters paid a total of 6.6 billion yuan ($1 billion) in taxes in 2019, among which AstraZeneca led with a tax contribution of nearly 3.5 billion yuan.

Wayz Intelligent Manufacturing Technology Co Ltd, a high-tech enterprise co-founded by the institute of microelectronics of the Chinese Academy of Sciences, is a newly-identified headquarters in Wuxi. The company's automatic sorting systems, which can sort 100,000 items within an hour, have greatly benefited the logistics industry in Wuxi.

In order to develop its headquarters economy ,Wuxi has been working to improve its policies and create the best possible environment for the companies, according to officials from the city's development and reform committee.

The Wuxi National Hi-tech District, which is home to many headquarters in the integrated circuit (IC) field such as SK Hynix and PANJIT International Inc, has formed a complete IC industrial chain encompassing design, manufacturing, packaging and testing.

By of the end of 2019, WND was home to more than 250 IC enterprises with 60,000 employees. The total sales revenue of the district's IC industry reached 86 billion yuan in 2019, accounting for 10 percent of the country's total.