No 5 Shanghai

Shanghai ranks third after Tokyo and Silicon Valley, California in the number of global and regional research and development (R&D) headquarters, said the city's business administration.

Foreign R&D centers hit 378 by the end of September - a quarter of all centers in China. A third belong to the world's top 500 enterprises and foreign investment accounts for about half of the R&D in Shanghai, which contributes to more than two-thirds of the production value and sales revenue of new products in Shanghai, said Gu Jun, vice-director of the Shanghai municipal commission of commerce, in a forum on Shanghai's R&D last month.

The Bund in Shanghai and its many buildings are one of the city's most important landmarks, Jan 6, 2014. [Photo/Asianewsphoto]