The Beijing municipal government is offering multinational companies a mix of benefits in the hopes they will establish or relocate their regional headquarters to the city, the South China Morning Post reported. Beijing is providing a one-off subsidy of US$1.5 million to multinationals with a registered capital of US$146.3 million that set up regional headquarters in Beijing. Multinational firms with registered capital of less than US$146.3 million but above US$14.6 million will receive subsidies ranging from US$731,689 to US$1.2 million. The city is also offering residence permits, visas and education packages for the children of senior managers of the multinational firms. Beijing is in competition with Shanghai to become China’s premier financial center, and with other cities such as Tianjin, Shenzhen and Guangzhou that are aggressively courting foreign investment.