Jing'an remains top destination for international firms

Shanghai recognized 20 multinational companies for establishing regional headquarters or R&D centers in the city. Three of them are based in Jing’an.

They are Geodis of France, one of the world’s largest logistics providers; Atlas Copco of Sweden, a global industrial tycoon; and Suntory of Japan, a food and beverage giant.

Jing’an also held an event to promote investment, where 16 large companies from China and around the world signed investment agreements.

Jack Wolfskin, Germany’s No. 1 outdoor apparel, footwear and equipment brand, recently moved its Chinese headquarters to Jing’an.

“We have been impressed by the excellent business atmosphere in Jing’an over these years,” Zhang Yihua, an executive at Jack Wolfskin China, said, adding that the company would not be able to succeed without strong government support.

“The Jing’an government and Daning Group assisted us in quickly landing in Jing’an. Jing’an is where talent, capital and information congregate, and we believe we can thrive here,” he said.

According to Jing’an Party Secretary Yu Yong, the district is one of Shanghai’s most international areas. Based on its inherent advantages, it bears the responsibility of taking the lead in creating a world-class business environment and becoming an appealing destination for foreign capital.

By the end of January this year, 114 regional headquarters of multinational corporations were in Jing’an, with 36 of them being headquarters for China and above, such as the Asia-Pacific region.

A series of events have been organized for multinational corporations to meet with local authorities and officials to address their concerns about doing business in Jing’an. Yu paid a visit to global pharmaceutical giant Sanofi last month.

As one of the first multinational pharmaceutical companies to enter the Chinese market after the country’s reform and opening-up, Sanofi has been in the district since the beginning and has grown from here.

According to the company, authorities have greatly assisted with a few administrative issues, such as helping foreign executives get into Shanghai to work.

Jing’an, according to the company, is a magnet for foreign investment.

Fabrice Megarbane, president of L’Oréal North Asia Zone and CEO of L’Oréal China, feels the same way.

When the global beauty giant entered the Chinese mainland market, it set up its regional headquarters in Jing’an, a “blessed place” for the company to grow in China. The newly established North Asia branch was also set up in Jing’an last year.

Jing’an’s economic and financial performance remained strong in 2022.

Last year, the district’s general public budget revenue totaled nearly 27.94 billion yuan (US$3.5 billion).

Its foreign-related business tax income was 44.78 billion yuan, which made it the most successful downtown district. Total consumer goods retail sales were expected to reach 150 billion yuan, ranking first among all downtown districts. It also opened 163 new stores and brands, the most in the city.

Furthermore, 200 key office buildings and commercial complexes absorbed nearly 61 billion yuan in tax revenues, with 82 reporting more than 100 million yuan.