Shanghai unveils steps to attract foreign R&D centers

Shanghai authorities have rolled out new measures to woo more foreign-funded research and development centers to the city as part of the efforts to transform it into a global technological innovation hub by 2030.

According to the 15-article policy, recently approved by the Shanghai municipal government, high-level foreign R&D centers in Shanghai will be granted the same privileges as regional headquarters of multinational companies.

"That is to say, such R&D centers will obtain policy and financial support from the local government and enjoy more simplified services in terms of entry and exit procedures, talent introduction and customs clearance," Shang Yuying, head of the Shanghai Municipal Commission of Commerce, told a media briefing.