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Shanghai set to become global business hub

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Christian Fernsby ▼ | August 19, 2019
The city of Shanghai, on China's east coast, is aiming to consolidate itself as an international business hub and local authorities have presented a series of policies to attract more foreign companies.
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Considered one of the main development zones in China, the city will cut red tape to make it easier for more multinational corporations to open regional offices in the territory, stated Yang Chao, deputy director of Shanghai's Municipal Trade Committee.

Topics: Shanghai

Currently, the city hosts more than 700 subsidiaries of renowned international companies, but the objective is to substantially increase that number, he noted.

According to Yang, the plan is to attract more firms to establish their offices in the city, especially in the fields of science and technology, and research and development, among other sectors.

The official added that among the requirements to establish subsidiaries in Shanghai, parent companies must have total assets of at least 200 million dollars.

Other measures have been taken to boost efforts to provide regional branches with better services to protect intellectual property.

Two years ago, Shanghai surpassed the Chinese region of Hong Kong and Singapore as the world's largest international trading city.


 

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