(Yicai Global) Nov. 25 – Volvo Construction Equipment, founded in Sweden in 1832, is the world’s leading manufacturer of construction equipment. It entered China in 2002 and settled in the Jinqiao Export Processing Zone in Pudong New Area. In over a decade, Volvo Construction Equipment Investment China has grown from a processing plant to an integrated firm with production, research &development and headquarter management functions, with the Shanghai unit accounting for more than half of its global sales. Volvo CE penned a memorandum of cooperation with Pudong to move its Asian headquarters from Singapore to Shanghai. The firm used the institutional innovation of the Pilot Free Trade Zone, closed China’s first offshore trade deal, and promoted the early and pilot implementation of offshore trade in Pudong.