(Yicai Global) Jan. 25  – Shanghai will encourage multinational firms to open regional headquarters and operations in Shanghai, said the finance bureau , Shanghai Daily reported.

Public data show, there are over 600 multinational firms regional headquarters based in Shanghai , including 416 research center, by the end of July 2017.

Shanghai Finance Bureau said in a report submitted to the Shanghai People's Congress, and added this is part of the city's efforts to become a hub in the Belt and Road initiative, but it didn't elaborate more details.

This year's fiscal policies will be active supporting a new round of opening-up in Shanghai and the missions to boost services, manufacturing, consumption and culture, it added.

The bureau expects the general public budget revenue to grow 7 percent from the actual revenue in 2017 to 710.8 billion yuan (US$112 billion) this year, while budget expenditure will rise 3.6 percent to 782 billion yuan.

Growth of fiscal revenue is expected to be slower than last year's 9.1 percent due to tax cuts and a high base, according to the bureau.