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Shanghai to Draw Companies Setting Up Headquarters, Daily Says

July 10 (Bloomberg) -- Shanghai will encourage multinational companies to set up their regional headquarters in the city as it seeks to draw foreign investment, the Shanghai Daily reported, citing Vice Mayor Ai Baojun.

The city will provide benefits for newly established headquarters and international firms that upgrade their China bases into regional ones, the newspaper cited Ai as saying, without providing further details. The city plans to introduce the rule “soon,” making it more convenient and cheaper for these companies to set up their headquarters.

In the first half of the year, contracted foreign direct investment in the city climbed 15.8 percent from a year earlier to $11.2 billion, according to the newspaper.

As of end-June, 380 multinational companies have set up regional headquarters in Shanghai, including Kubota China Holdings Co., while another 348 have started research and development centers in the city, according to the newspaper.

To contact the reporter on this story: Shiyin Chen in Singapore at schen37@bloomberg.net

To contact the editor responsible for this story: Bruce Grant at bruceg@bloomberg.net

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