Shanghai Draw up New Policies to Attract Multinationals

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Last updated at: (Beijing Time) Saturday, August 17, 2002

Shanghai Draw up New Policies to Attract Multinationals

Shanghai has drawn up new policies to encourage transnational companies and purchasing groups to establish their regional headquarters in this city in east China.

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Shanghai has drawn up new policies to encourage transnational companies and purchasing groups to establish their regional headquarters in this city in east China.

According to sources attending the opening ceremony of the Shanghai International Merchandising Center held in Shanghai Friday, the new policies permit multinationals established in Shanghai to engage in foreign trade.

In addition, employee training for international companies withtheir regional headquarters in Shanghai will be subsidised, and procedures for company personnel entering and leaving China will be simplified.

The policies, however, require these companies to have big assets and have at least three subsidiary companies in China's mainland.

Currently, over 70 multinationals have built their regional headquarters in Shanghai, including Alcatel, GE, Microsoft and Siemens.

Jiang Yiren, vice mayor of Shanghai, said the city is working towards becoming a center for the world's giant purchasers and suppliers in three to five years.

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