German technology group Heraeus has set up an innovation centre in Shanghai with the aim of launching more local R&D and providing chip assembly and component soldering services customized for the Chinese market, Yicai.com reported.

“We will definitely increase our investment in China,” said Frank Stietz, the president of Heraeus’s electronic business.

An increasing number of foreign companies like Heraeus have decided to park their money in China, the report said.

A total of 12 projects valued at 23.4 billion yuan (US$3.37 billion) were signed during the past weekend in Shanghai, alone.

Chinese SAIC Motor and the US General Motors have jointly established a financial leasing company with an investment of 1 billion yuan.

SAF-Holland, a leading global commercial vehicle supplier in Germany, will invest 208 million yuan to set up a China headquarters.

And Japan’s Takeda Pharmaceutical will add 809 million yuan to its investment as it plans to sell more than seven innovative drugs in China over the next five years.

Over the first nine months, Shanghai added 28 regional headquarters of multinational corporations such as Kingston Technology, ContiTech AG and Kobayashi Pharmaceutical, nine Asia Pacific headquarters, 13 new investment companies and 12 R&D centres.