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ABB Shanghai's next key deal
Last Updated: 2019-01-29 09:59 | Global Times
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Many more overseas companies will follow in the steps of Tesla to set up plants in Shanghai once they see how the US carmaker benefits from the city's policy bonus, as the Shanghai municipal government opens markets to overseas investors with the continuous launch of new policies, experts said on Sunday.

Which will be the next "star project" in Shanghai after Tesla? Global robotics giant ABB is one overseas company mentioned by Ying Yong, mayor of Shanghai, in the government work report released on Sunday morning during the city's two sessions, as he called the roll of several projects that the government will push for construction this year.

ABB earlier revealed its plans to the media, saying that it's planning to establish a plant in Shanghai using robots to produce robots, according to a report by yicai.com in October. ABB didn't disclose its Shanghai plant's current status as of press time.

The other two companies mentioned by Ying are Shanghai-based biomedical firm Haohai Biological Technology and ACM Research, also based in Shanghai, reported the Shanghai Securities News over the weekend.

Shanghai will also speed up mass production of major domestic industrial projects like Semiconductor Manufacturing International Corp and Everdisplay Optronics' second phase, Ying disclosed.

"Even though the current global environment is tough for cross-border trade and investment, a lot of overseas investors are analyzing where the future market lies. China apparently is one of the answers to this question. When overseas investors see how Chinese tycoons like Jack Ma make money from China's burgeoning market, how can they not choose to invest in China? Particularly in Shanghai, with its residents' strong spending power and burgeoning middle class?" Sun Lijian, an economics professor at Fudan University, told the Global Times over the weekend.

Tesla, which held a groundbreaking ceremony for its Shanghai factory a few weeks ago, has become a "star project" that attracted high attention from the Chinese government, with Chinese Premier Li Keqiang meeting Tesla CEO Elon Musk to deliver congratulations on the investment, news.china.com.cn reported on January 10.

"I think Tesla should become a kind of beacon that draws similar overseas companies to Shanghai," Sun said.

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ABB Shanghai's next key deal
Source:Global Times | 2019-01-29 09:59
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