Wendy Zhang/ Shanghai Daily news

Royal Philips Electronics, one of the world's leading electronics manufacturers, plans to invest nearly 40 million euros in establishing a science and technology park at the Shanghai Ceaohejing High-tech Park, Gerard Kleisterlee, Philips President announced in Shanghai yesterday.
"China has become our second largest market around the world, next only to the US, and we plan to enhance the research and development capacities in the country," Gerard Kleisterlee said.
As one of the first group of multinationals to invest in China, Philips held an exhibition in Shanghai yesterday, showing its latest products and technologies to celebrate the 20th anniversary of investment in the country.
By the end of last year, Philips had invested a total of US$3.4 billion in China, establishing 20 joint venture companies and 15 solely-owned enterprises. It had also established 60 representative offices and 15 research and development centers in the country.
Philips reported nearly US$9 billion in business revenues in China last year, an increase of 20 percent from a year earlier. Exports accounted for 60 percent of its business last year, with domestic sales keeping the balance. The value of out-sourcing in China reached US$3.2 billion last year.