China: Shanghai boasts 998 multinational regional headquarters

Shanghai, the financial hub of China and a popular destination for foreign investments, currently hosts 998 regional headquarters of multinational corporations, as stated by the Shanghai Foreign Investment Association. The municipality boasts over 75,000 foreign-invested enterprises, with a cumulative utilization of foreign capital reaching $350 billion.
Among them, 258 companies made it to the top 100 list in Shanghai in four key categories in 2023: operational revenue, total imports and exports, tax contributions, and job creation, according to the association’s announcement of the city’s best foreign-invested enterprises.
In terms of investor origins, U.S. companies ranked first with a total of 83 represented companies, followed by 32 Japanese companies and 28 German companies. In 2023, Tesla Shanghai Co., Ltd. was the only company to make it to the top 10 in all four categories, the association stated.
The Shanghai municipal government certifies regional offices of foreign companies as official recognition. In July, certification was awarded to 30 regional headquarters of multinational corporations and 15 foreign-funded research and development centers. Nearly half of them come from key sectors deemed a priority by the city, such as electronics, life sciences, advanced equipment, and consumer goods, including British pharmaceutical giant GlaxoSmithKline, French exhibition company GL events, and global mining leader Anglo American.
“Shanghai is one of the most attractive destinations for foreign investments globally,” said Liu Ping, vice secretary-general of the Shanghai municipal government, describing foreign-invested enterprises gathered in Shanghai as a key driver in the city’s industrial upgrades and a significant force in promoting technological innovation.
Official data shows that foreign-invested enterprises in Shanghai make a significant contribution to the city’s economy, accounting for nearly 60% of total imports and exports, 40% of industrial production, a third of tax revenue, a quarter of GDP, and one-fifth of employment in the municipality. (Xin)
Agency Xinhua