Pudong in Shanghai is now home to more than 800 headquarters enterprises and has created a better ecosystem for the development of the headquarters economy. [Photo by Xu Wanglin for chinadaily.com.cn]

Shanghai's Pudong New Area has always attached great importance to the development of its headquarters economy, and the gathering of headquarters institutions is expected to improve the area's urban competitiveness, according to Yang Chao, deputy government head of Pudong New Area.

Yang made the remarks at a press release held in Pudong on Dec 8.

Over the past 20 years, Pudong has built itself into an international hub for the headquarters economy. It is now home to more than 800 headquarters enterprises, and has created a better ecosystem for the development of the headquarters economy.

Official data show that in the first 10 months of the year, Pudong's paid-in foreign capital grew by 13.8 percent year-on-year to $8.95 billion, accounting for 45.8 percent of Shanghai's total. From January to October, Pudong welcomed 25 regional headquarters of multinational companies, bringing the total number to 384 and accounting for 46.7 percent of the city's total.

At the same time, Pudong has strengthened efforts to accelerate the development of headquarters of central government and private enterprises and cultivate local multinational companies in an effort to enhance the global competitiveness of local enterprises.

An increasing number of global enterprises are choosing Pudong as their first investment destination and launching high-level research and development (R&D) centers, global service centers, and Asia-Pacific headquarters in the area, indicating Pudong's growing appeal to global enterprises.

Coating giant Nippon Paint entered the Chinese market in 1992 and has witnessed sharp growth since it launched its giant factory in Pudong. Nippon Paint also set up its Asia-Pacific R&D center in the area in 2020. The center engages in the R&D and application of new products, enabling the company to take part in the international market.

The central government has released detailed plans to turn Pudong into a pioneering force in the socialist modernization of China and become a key engine for self-reliant innovation, bolstering the development of Pudong's headquarters economy.