Gulou district in central Nanjing is promoting its "headquarters economy" in a bid to further boost economic growth.

Attracting international company head offices is an increasingly used mode of development across the country.

The city now ranks fifth among the nation's 35 major cities in the capacity to develop a headquarters economy, according to local statistics.

In a bid to attract yet more companies, Gulou district has adjusted its economic and industrial structure.

Covering less than 27 sq km - about one-tenth of Nanjing - Gulou accounts for nearly one-third of the city revenues, ranking it first among the six urban districts.

"One of the most important reasons (for high revenues) is that we have focused on the development of the headquarters economy," said Bao Yongan, district Party secretary.

"The headquarters economy also boosts development of the modern services industry in the city, which is an important strategy to optimize our industrial structure," he said.

"In recent years, we seized the opportunity when big domestic and international companies moved their headquarters to secondary cities in the country," he said.

"Through our efforts, a large number of companies set up their regional headquarters, research and development (R&D) centers and sales operations in Gulou district," Bao said.

"The arrival of these headquarters has generated demand for modern services - a win-win situation."

Bao said that as the prime central district, Gulou is Nanjing's political, cultural, scientific and economic center.

He said that one of the most important advantages for Gulou is its vast array of talent.

There are 20 universities, more than 70 various research institutes and over 100,000 professional technicians in the district.

More than one-third of its residents have a college-level education, he said.

"We are using these advantages to attract company headquarters," Bao said.

Gulou is placing a priority on the development of hi-tech, modern services and cultural industries, he said.

Four industrial clusters are now taking shape in Gulou - headquarters finance, business and commerce, R&D and culture-related enterprises.

To accommodate the trend of localization in production, R&D and sales by international companies, Gulou has teamed with Lishui County in Nanjing's suburbs to establish an industrial base.

"It will help to absorb some production operations of companies not suitable for the city center," Bao said.

While promoting the introduction of the international companies, Gulou continues to embrace local enterprises.

"We offer support and encouragement in policies, land use and service to local companies," said Xu Suning, head of Gulou district.

Provincial pillar companies like home appliances sales giant Suning, major salt producer Jiangsu Salt and the Jiangsu provincial publishing house have a footprint in Gulou, creating a "brand effect" for headquarters of local companies.

On the international front, more than 40 multinationals including Siemens, Lucent, Emerson and Panasonic now have national or regional headquarters in Gulou.

In financial services, AIA, Standard Chartered Group and Standard Life have a presence in Gulou. KPMG China, a network of professional firms providing audit and tax services, will also be stationed in the district, Xu said.