The awards ceremony for the top ten business headquarters in Pudong New district of Shanghai, Jan 27 [Photo/Pudong Times]

The year's top ten Shanghai business corporations having their headquarters in Pudong New District of Shanghai were elected on Jan 27, Pudong Times reported. Other awards given at the ceremony were a restructuring award, a technology innovation award, a financial innovation award and a new business model award.

With the expansion of the Shanghai Pilot Free Trade Zone, the headquarters economy is developing very fast.

Companies having their business headquarters in Pudong have the following four features: first, research and development is emphasized; second, financial innovation is largely valued and a financial information industrial circle is being built; third, business operations are being expanded overseas; fourth, resources are better allocated and facilities are being upgraded.

These large corporations' headquarters are becoming a driving force of Shanghai's economy. Pudong district now has over 400 headquarters, 246 of which are regional headquarters of transnational corporations, while 158 are of domestic corporations. Transnational corporations contributed tax revenue of 60 billion yuan ($9 billion), while domestic ones contributed 6 billion yuan in 2015.