More MNCs set up regional headquarters in Pudong

More multinational corporations have set up their regional headquarters or research and development centers in Shanghai, which were officially recognized by the city on May 24 in a move further cementing its position as a magnet for foreign businesses.

A ceremony attended by Mayor Gong Zheng certified 30 MNCs' regional headquarters and 10 R&D hubs, with business executives touting China's allure as an investment destination thanks to market vibrancy and favorable policies.

Among them, 15 MNC regional headquarters and two R&D hubs are located in the Pudong New Area. With this, the total number of headquarters and R&D hubs in Pudong rose to 368 and 249, respectively. The numbers account for 46.5 percent and 51.02 percent of the total in Shanghai.

Among the new operations are four biomedical firms, seven smart manufacturing firms, and four firms offering high-end services.

According to the Municipal Commission of Commerce, the latest batch of enterprises is made up mostly of well-known industry pioneers such as Saudi Arabian chemicals firm SABIC and ASML from the Netherlands, which manufactures photolithography systems important for the semiconductor industry.

During the first four months of this year, Pudong attracted actual foreign investment of $3.24 billion, an increase of 10.05 percent year-on-year and accounting for 41.73 percent of the city's total.