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Shanghai to lure multinationals

By YU RAN in Shanghai  (China Daily)

10:19, January 28, 2013

A PLA brass band performs at the opening of the fi rst session of the 14th Shanghai Municipal People’s Congress on Sunday. The city is expected to attract another 150 regional headquarters of foreign multinational corporations by 2020, 37 percent more than the current 403. CAO LEI / FOR CHINA DAILY

'Four Centers' plan to confirm status as international city and regional hub

Shanghai is expected to attract 150 more foreign multinationals' regional headquarters by 2020 — in addition to the 403 today — as it also works to nurture more domestic multinationals, Acting Mayor Yang Xiong said in the Report on the Work of the Government at the first session of the 14th Shanghai Municipal People's Congress on Sunday.

Transforming the city into the international economic, financial, trading and shipping centers ("Four Centers") has been the focal point of Shanghai's 12th Five-Year Plan as it pursues innovation-driven economic transformation.

Yang pointed out "openness represents Shanghai's biggest advantage" in moving the international goal forward.

The city's major objectives for the next five years are to become a world-renowned base for service trade and a major import-export hub.

"The report turned out to be more practical and pragmatic compared with previous years by having fewer overly detailed targets, but more attainable tasks with examples to make sure the city has the potential to achieve them," said Li Xunlei, a deputy to the Shanghai People's Congress and deputy CEO and chief economist of Haitong Securities Co Ltd in Shanghai.

"The city is opening up to welcome more foreign investors to advance the economic development of Shanghai and quickly turn it into a global trading center," said Huang Renwei, a deputy to the Shanghai People's Congress and vice-president of the Shanghai Academy of Social Sciences.

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Dick272 at 2013-01-2861.174.51.*
As someone who is involved in trade with China, I have to say that this is going to be a difficult task. Due to the unstable and heavily censored communications in the mainland, overall, Shanghai, and other mainland cities are detracting foreigners rather than attracting them. Taiwan was an ideal location, but with the island dispute and threat of escalating tensions between Japan and China, this is no longer a viable, ideal location.In many respects, Shanghai is already an intednational city. It certainly has the ability to generate foreign investment. However, with such a frustrating communications network, it is not currently a place to set up an office for Asian trade.

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