Eight famous transnational corporations including Philips, Cisco and Honda announced Thursday that they will establish research centers in Shanghai.

Setting up centers in China will help them take full advantage of the local talent and enhance creativity and innovation ability, said the municipal source.

The eight giants are 3 M China, Cisco, Philips, Honda, Athlete, Faurecia, Micronas and Yanfeng Visteon, which are from the United States, Japan, France, Switzerland and other countries.

The 3 M China has invested 40 million US dollars to set up a major research center in Shanghai, the fifth of its kind in the world. The center will mainly develop high and new technologies involving super high-pressure transmission, nanometer materials and cells of new types and liquid crystal.

The Cisco has invested 32 million US dollars in its research center in Shanghai, which will give priority to developing the software and hardware products.

The Philips has set up the Shanghai Creativity Science Park by investing 40 million euros annually, mainly on developing the lighting and electronic equipments.

The signing ceremony for launching the research centers was conducted concurrently with 20th anniversary celebration for the Caohejing New Technology Development Zone in Shanghai. The zone so far is home to offices from more than 1,200 new and high-tech enterprises from both China and overseas.

Source: Xinhua