Multinationals responsible for a quarter of Shanghai’s economy.
The Ministry Of Commerce Of The People’s Republic Of China (MOFCOM) issued a report yesterday stating that nearly 60,000 foreign enterprises have contributed one quarter of the GDP, one-third of the tax revenue, two-thirds of imports, exports and total industrial output value, one-fifth of the total employment in Shanghai.
The data released by MOFCOM emphasizes the key role Shanghai plays in the world economy today and the attraction of international capital as a key indicator.
In order to further develop and bolster international investment, the Shanghai government is releasing 24 new policies to promote the economic attractiveness of the city. These include a variety of incentive mechanisms for investment promotion; accelerating the opening up of financial industry, and policies promoting tech sectors such as renewable energy. Stricter punishment for intellectual property violations are also introduced.
As of March 2020, Shanghai was the home for 121 regional (APAC) headquarters for multinationals and 466 R&D centers, easily outranking all any other city in China.