Pudong's foreign capital reaches $11.06b in 2022

Pudong New Area's use of foreign capital reached $11.06 billion in 2022, up 3.33 percent year-on-year despite multiple challenges, according to official data.

The area is now home to 419 regional headquarters of multinational corporations, and 250 foreign research and development (R&D) centers.

In 2022, numerous high-quality foreign-funded projects increased their investment in Pudong, demonstrating their firm confidence in the area's development.

Currently, Pudong is accelerating its pace to help build Shanghai into an international consumption center, while foreign-funded commercial and trade enterprises are also playing important roles in Pudong's high-quality development, having contributed 40 percent to its economy last year.

Six global R&D centers are located in Pudong, accounting for more than half of those in Shanghai. Johnson & Johnson Innovation launched an incubator for healthcare startups in Pudong in 2019, and Siemens Healthineers set up its Shanghai Innovation Center there two years later. Takeda Pharmaceutical, the largest biomedicine company in Asia, will launch its Asian R&D center in Pudong based on the latest agreement.

Pudong is now home to numerous headquarters of leading foreign-funded enterprises centering on its core industries, including semiconductors, flying vehicles, innovative pharmaceuticals, future cars, smart manufacturing, and data ports.

Pudong New Area's use of foreign capital hit $11.06 billion in 2022, rising 3.33 percent year-on-year despite multiple challenges. [Photo provided to english.pudong.gov.cn]