SHANGHAI, May 24 (Xinhua) – While China’s economy continues to recover rapidly, the country’s financial center, Shanghai, remains attractive for foreign investment.
Total foreign direct investment (FDI) in Shanghai rose 20.3% year-on-year, to $ 7.777 billion in the first four months of 2021, the city government said Monday.
During the period, 20 regional headquarters of foreign-funded multinational companies were established, bringing the total to 791 in Shanghai. In the same period, seven foreign-funded research and development (R&D) centers were established, bringing the total of Shanghai to 488.
Shanghai will continue to unwaveringly promote global openness and improve its business environment to support foreign companies in achieving better and better development in Shanghai, Shanghai Deputy Mayor Zong Ming said on Monday.
The Shanghai municipal government held the ceremony to issue certificates to regional headquarters and R&D centers of multinational companies. Participating companies worked primarily in advanced industries such as biomedicine, smart manufacturing, and high-end services.
At the ceremony, the leading lubricant manufacturer Fuchs, based in Germany, received certification from its R&D center in Shanghai.
The company currently has three R&D centers worldwide. Its center in Shanghai focuses on developing clean energy and improving energy efficiency.
“The car market is growing in China and demand is shifting from the traditional combustion engine to the electric motor,” said Kris Van Gasse, technical director of Fuchs Lubricants (China) Ltd.
To meet market demand, Fuchs has developed product lines in China such as BluEV for new energy cars and has established cooperation with Chinese vehicle manufacturers such as Geely and Chery.