Emphasis placed on home-grown multinational companies
Shanghai's political advisers have proposed at the CPPCC session that home-grown multinational companies should be fostered in the city to enhance the competitiveness of the local economy.
Shanghai had only nine home-grown multinational companies as of last year, while 767 multinational firm have set up regional headquarters, said members of the Shanghai Committee of Jiusan Society including Feng Yapei, Tong Jisheng, Rui Haiyan and Li Yingjun.
Shanghai is lacking relevant policies for home-grown companies to expand international footprints, and the Jiusan Society members proposed it's time to focus more on home grown businesses in order to grab the latest development opportunities.
Shanghai accounts for less than 10 percent among the top 100 Chinese multinational companies and is also short of professional management talent.
An action plan is suggested to put forward by the city government to encourage local companies to carry out outbound investment and appropriate subsidies for acquiring overseas assets.
Shanghai's 14th Five-Year Plan also eyes attracting fast-growing domestic firms to locate headquarters in the city.
Corporate headquarters from home and foreign countries are both encouraged to introduce international best practices by connecting with the global industry value-chain and to actively expand their footprint in overseas markets.