Foreign-invested enterprises in Shanghai post steady growth

Foreign-invested enterprises, which have played a major role in Shanghai's economic growth, had achieved steady business growth in the past year, according to a new report published on Thursday.

A total of 255 foreign-funded companies appeared on the four lists of top 100 foreign-invested enterprises for 2022 in terms of sales revenue, imports and exports value, tax contribution and job creation.

"Being a bridgehead that attracts foreign investment in China, Shanghai has seen a large number of foreign-funded enterprises grow and develop in the city, and these companies have become an important engine in promoting economic growth, supporting industrial restructuring, facilitating technological innovation, and enhancing the city's urban functions," said Hua Yuan, vice-mayor of Shanghai.

Apple Computer Trading (Shanghai) Co Ltd, was ranked first in the revenue list, Tech-Com (Shanghai) Computer Co Ltd topped the list for foreign companies in imports and exports, Porsche (China) Motors Ltd took first place on the tax list, while Protek (Shanghai) Ltd was ranked first in terms of offering jobs, according to Huang Feng, chairman of the Shanghai Foreign Investment Association.

Companies on the lists accounted for 34.23 percent of the total sales revenue generated by companies in the annual foreign investment report in the city. They also made up 47.88 percent of imports and exports, 36.49 percent of taxation, and 18.30 percent of employment, added Huang.

Seventy-nine enterprises on the list are from the United States, 32 are from Japan, and 28 are from Germany.

Most of the companies in the lists are engaged in wholesale and retail, manufacturing, leasing and business services.

According to Hua, foreign-invested enterprises in Shanghai contributed more than a quarter of the city's GDP, two-thirds of its imports and exports, one third of tax payment, and one-fifth of employment.

"Shanghai will continue to expand opening-up, promote trade and investment, welcome and embrace international enterprises and global capital, and strive to create a better environment and provide better services to aid the development of multinational enterprises in Shanghai," Hua said.