Digital, MNCs find perfect base in Changning
Shanghai, a well-established destination for investment from home and abroad, is keen to ride the waves of economic revitalization to attract more quality investment with better policies and services.
The digital economy and foreign investments are rapidly growing in Shanghai's downtown Changning District, which is already home to many leading e-commerce companies and multinational corporations.
The tax revenues of about 5,800 digital economy companies based in Changning increased by 33.8 percent year on year and will account for more than half of the district's total tax revenues in 2022, Zhang Wei, the director of Changning, told an investment gathering on Tuesday.
Five multinational corporations have established their headquarters in the district, bringing Changning's total number of multinational headquarters to 80. Tax revenues from overseas sectors have increased by 12.5 percent year over year.
"Changning aspires to be a bridgehead for foreign enterprises to enter the Chinese market and for domestic firms in the Yangtze River Delta region to expand abroad," Zhang said.
According to Zhang, the district introduced US$1.08 billion in contracted foreign investments in 2022, accounting for 45 percent of total tax revenue.
At the meeting, 20 companies, including automated driving firm Inceptio Tech and domestic brand Li-Ning, signed contracts to invest a total of 2 billion yuan (US$290 million) in their key projects in Changning.
Wang Lipeng, vice president of Inceptio, said the company's intelligent driving cloud headquarters will be located in Changning's East Hongqiao Center and will begin operations in May.
The company, which was founded in 2018, focuses on automated driving technology and a smart cargo transportation network. China Logistics Co, Nestle, Budweiser, JD Logistics, Deppon, and SF Express are among its clients.
Marine Liang, Michelin China's chief financial officer, stated that the company has grown into a comprehensive solution provider with services including tire maintenance and service, Michelin Guide, and smart transportation after 16 years of development in Changning.
Michelin's three Chinese factories have been using green electricity. Its Shanghai plant has been designated as an example of green and intelligent manufacturing.