A promotion conference aiming at attracting more multinational companies to settle in Shanghai is held April 29. [Photo/WeChat account: scofcom]

At a promotion conference on high-quality development of the headquarters economy in Pudong New Area, Shanghai, 18 multinational companies signed contracts for regional headquarters projects April 29.

Shanghai saw rising foreign capital inflows totaling about $4.67 billion during the first quarter of this year, up 4.5 percent year-on-year, according to the municipal government.

Not only Shanghai does host the headquarters of many multinational companies during the pandemic, more multinational companies are planning to set up headquarters in the city.

Volvo Construction Equipment (China) Co Ltd has announced that it will move its Asia-Pacific headquarters from Singapore to Shanghai. The reason is simple: In terms of company development, Asia has more than 50 percent of the market share, and China is the most important market in Asia.

Eager to boost its economic growth during the COVID-19 pandemic, Shanghai announced 24 new policies in mid-April to further improve the city's business environment and attract more foreign investors.