Minhang plays a key role as science and innovation center
Minhang District holds an event to award 163 firms, including many multinationals, for their contributions to the district's development as a science and innovation center.
Minhang District is establishing itself as a science and innovation center, thanks to regional headquarters of multinationals, an improved investment environment and spending on research and development.
The Minhang government awarded 163 companies on Thursday for their performance on tax contribution, business growth, innovation and social responsibility.
In 2018, the district’s GDP growth reached 6.5 percent, thanks to its export and import-oriented economy. Its trade volume reached 210 billion yuan (US$30.9 billion).
“Minhang becomes the city’s southern science and innovation center with global vision and opportunities brought by the China International Import Expo,” said Zhu Zhisong, the district's Party secretary.
Multinationals like Estee Lauder, Coca-Cola, Daikin, Michelin, Intel and ATS took leading positions in the awards list.
Estee Lauder Companies Inc, which tops the award list on tax and business contributions, has set up regional headquarters in Minhang. It has more than 5,000 employees in China and says it plans to increase investment locally this year.
In 2018, eight overseas giant companies and 30 domestic companies moved in or set up new regional headquarters in Minhang.
The district has an advanced manufacturing sector including machinery, next-generation IT devices and biomedicine; and a modern service sector covering finance, regional headquarters and culture innovation. The complete industry chain gives Minhang a unique investment environment, PwC said in a report.
In 2018, total spending on research and innovation hit 21.1 billion yuan in the district, accounting for 11.3 percent of its GDP.
With top schools such as Jiao Tong University and professional zones that include the Zizhu High-Tech Park, Minhang plays a key role in Shanghai's bid to become a global science and innovation center, according to PWC.
The local government is willing to offer more conditions to companies covering land, energy and other sectors to support their development in 2019, Zhu added.
