Major firms to 'stay based in Shenzhen'

Shenzhen's top government official has challenged claims that a number of top technology firms were ready to move their headquarters out of the booming southern metropolis.

Xu Qin, mayor of Shenzhen, said that Huawei Technologies Co Ltd and ZTE Corp have assured him that their headquarters and research and development centers would stay in the city.

However, the firms do intend to transfer some of the manufacturing operations to nearby cities, including Dongguan.