China's higher-level opening up offers more opportunities for multinationals

SHANGHAI - Shanghai has added 43 regional headquarters and 16 research and development centers for multinational companies so far this year, bringing its total numbers of multinational regional headquarters to 763 and multinational research and development centers to 477.

Despite the impact of the novel coronavirus, Shanghai has seen continuous inflows of foreign investment and ongoing foreign-funded projects have been proceeding at a stable pace. From January to October, Shanghai's foreign capital utilized in real terms hit $17.18 billion, up 6.2 percent year-on-year, and the city's headquarters economy continued to grow.

Many of the enterprises that have landed regional headquarters in Shanghai are participants in the China International Import Expo (CIIE).

China vowed to remain steadfast in opening up further, announcing an array of measures to expand all-round opening up at the third CIIE, which ran from Nov 5 to 10.

Wyeth Infant Nutrition has participated in the CIIE for three consecutive years. The company announced at the third CIIE that its Greater China headquarters would be located in Shanghai.

"The CIIE has brought Wyeth rich dividends. We hope to further develop the Chinese market with our new regional headquarters," said David Zhang, regional business head of Wyeth Infant Nutrition, Greater China Region.

He said that establishing the company's regional headquarters in China can better serve the company's strategy of "in China, for China," with an emphasis on nutrition science research, talent training, the establishment of the company's global cross-border e-commerce headquarters, customer service, and logistics.

Japanese sportswear maker ASICS Corporation made its first appearance at the third CIIE, globally debuting four products. It is among the enterprises that have recently received certificates to establish their China headquarters in Shanghai.

"We are full of confidence in China's economic prospects and market potential, and hope to bring more cutting-edge products into the lives of Chinese consumers with the help of the CIIE," said Tsuyoshi Nishiwaki, director of ASICS Corporation.

Danish jewelry brand Pandora will officially put its China headquarters into use at the end of November. With a floor space of 2,000 square meters, the regional headquarters will boost the company's digital network and procurement in the Asia-Pacific region.

"We highly appreciate all the supports given by the Chinese government to foreign companies' development. The Chinese market has become one of the largest in the world, and the establishment of Pandora's China headquarters in Shanghai proves our company's confidence and ambition in China," said Jacques Roizen, general manager of Pandora China.

Hundreds of enterprises have signed up to participate in the fourth CIIE next year. Nearly 80 percent of the world's top 500 companies and industry leaders have participated in the expo two or three times, said Sun Chenghai, deputy director of the CIIE Bureau in Shanghai.