Bayer has unveiled plans to double its sales in the Chinese market to €6 billion by 2015, Management Board Chairman Marijn Dekkers said. China is Bayer’s third-largest single market globally, contributing almost 8.3% of global sales. In 2010, Bayer generated sales of €2.9 billion in China, an increase of almost 40% from 2009. Bayer MaterialScience (BMS) started the third phase of expansion at its polymer research and development (R&D) center in Shanghai last week. The center will develop into a global innovation hub for the company and is scheduled to become operational by the second half of 2012. Bayer MaterialScience is projected to invest more than €3 billion in China by 2016. Bayer’s history in China goes back to 1882, when the company first began marketing dyes.

The Pudong New Area will establish eight bases with a total area of 2.78 square kilometers to attract more multinational corporations to set up their regional headquarters. Pudong is now home to the regional offices of 164 multinational companies, half of the city’s total. Pudong is offering companies improved customs clearance services, simpler foreign exchange administration, more convenient entry and exit procedures for foreign staff and subsidies for purchasing or renting apartments. Last week, 13 firms signed contracts to erect new headquarters or increase the capital for existing headquarters, including BP. Pudong plans to attract nearly 100 more multinationals in the next five years. In the first five months of this year, Pudong attracted 14 new multinational headquarters.

China Overseas Engineering Group (COVEC) is withdrawing from the USD447 million highway construction project in Poland after incurring heavy losses. COVEC said the actual cost of the A2 highway project has far exceeded its expectations, reaching USD786 million, 76% higher than the original estimate, as its Polish partner imposed a higher construction standard and the price of building materials soared unexpectedly. The Polish road authorities had already said they had canceled the contract. COVEC has invested more than USD140 million in the project since it began in July last year, and has finished nearly 20% of the construction. Polish Prime Minister Donald Tusk has pledged to complete the highway before the 2012 European Football Championships, which Poland is co-hosting with Ukraine. The road connects the German border to Warsaw. The Polish road agency is demanding compensation of USD271.1 million from COVEC, which is also claiming compensation from its Polish partner. “Chinese enterprises should try to become familiar with international law and the market environment in foreign countries when expanding abroad,” said Zhang Xiang, a spokeswoman for the China International Contractors Association.

Beijing, Shanghai and Tianjin topped the well-being index, published by Beijing Normal University. The index was calculated based on three main performances ― livelihood standards, public services and social administration ― and further divided into 13 categories. Beijing tops the table with a well-being index of 0.739, followed by Shanghai at 0.635 and Tianjin at 0.536. Guizhou province comes in last with only 0.200. Nine out of the top 10 provinces are from the eastern seaboard, while eight in the last 10 are from the west. Beijing and Shanghai dominate the rankings in most of the subcategories, including income level, education and infrastructure. But both cities failed to make the list in housing and transport, mainly because of over-heated property prices and over-crowded and congested roads. Guangdong province has the highest GDP, according to 2010 statistics, but only came in 6th in the overall rankings, hindered mainly by its weak social security and housing. Jiangsu and Zhejiang ranked high because of their balanced development, while the northeastern provinces have the best social security systems. Xinjiang ranks No 1 in the social security system category and Inner Mongolia tops the “Environment Improvement” list. Ren Yuling, Counselor of the State Council, said that “there should be more case studies to support the result. People’s livelihood cannot be simply measured in numbers and figures”, the China Daily reports.

So far this year, there have been 29 reverse mergers of Chinese firms in the United States, compared with 47 in the first half of last year, according to data from PrivateRaise, part of DealFlow Media. At the end of last June, Chinese reverse mergers had raised more than USD200 million. So far in 2011, that figure is less than USD13 million.