A total of 31 multinational companies have set up their regional headquarters in Taicang, a county-level city in Jiangsu province, according to the city's development and reform committee on Nov 27.

Local authorities estimated that their 2019 annual business revenue will total 90.4 billion yuan ($12.86 billion) and contribute 6.36 billion yuan in taxes.

The companies mainly engage in logistics and manufacturing, both pillar industries for Taicang.

In January, Nike launched its new logistics facility in the city. With an investment of $100 million, the new facility expanded the already existing Nike China Logistics Center by 30 percent to a total area of 260,000 square meters.

In October, the Skechers China (Taicang) Logistics and Sales Center was put into operation, while another Skechers project is currently being constructed in Taicang Port and is expected to be completed by May 2020.

Also in October, Zippo, known for its windproof metal lighters, broke ground on a processing center for outdoor products. The $33 million project will manufacture over 4.5 million lighters every year and engage in the R&D of pots, glasses, and tobacco pipes.

In November, French pharmaceutical and dentistry company Septodont announced a $200 million Taicang factory which will produce over 450 million anesthetic cartridges every year. Its annual output is expected to exceed 1 billion yuan.

"Headquarters economy can help optimize industrial structure and accelerate the transformation of Taicang's economy," according to a spokesperson for the development and reform committee.