Headquarters economy up in Shanghai's central urban areas

Jing'an district in East China's Shanghai is expected to have generated total retail sales of about 150 billion yuan ($22.16 billion) in 2022 according to preliminary estimates – ranking it number one in the central urban areas of the city, district chief Wang Hua told the third session of the 2nd People's Congress of Jing'an District recently.

Wang said tax revenue generated by the foreign-related economy reached 44.78 billion yuan in 2022, ranking it first in both scale and proportion in the central urban areas.

In 2022, Jing'an district's economic development showed both resilience and vitality. The district introduced 20 regional headquarters and other types of headquarters of multinational companies, taking their total there to 112. The annual tax revenue of headquarters enterprises hit 14.78 billion yuan, up 13.78 percent year-on-year.

Elsewhere, in Shanghai's Xuhui district, the headquarters economy also boomed last year, with the introduction of 15 headquarters of multinational companies.

The total number of foreign headquarters and research and development centers in Xuhui reached 145 by the end of 2022, ranking it top in Shanghai's central urban areas.

At the third session of the 17th People's Congress of Xuhui District which was held recently, delegates were informed that the district would focus on the development of a higher-level headquarters economy and attract foreign companies with core technology and international innovation resources.

In 2022, foreign investment in Xuhui district is estimated to have reached $1.24 billion, up 31.9 percent on the previous year. In addition, the total amount of foreign trade last year was estimated at 106.8 billion yuan, generating year-on-year growth of 5.5 percent.