Shanghai released its 2024 lists of top 100 foreign-invested enterprises on Nov 12, covering business revenue, import-export volume, tax contribution, and job creation.

The rankings in the four categories have expanded by seven from the previous year, bringing the total to 265 companies, reflecting the city's growing appeal as a global business hub.

Nine companies shine across all categories

This year's lists highlight nine companies that excel across all the four categories, including SAIC Volkswagen Automotive Co Ltd and Roche Diagnostics (Shanghai) Ltd.

Apple Computer Trading (Shanghai) Co Ltd leads the business revenue list. Porsche (China) Automobile Sales ranks first in tax contribution. Tech-Com (Shanghai) Computer Co Ltd not only tops the import and export volume category but also emerges as the leader in job creation.

Foreign investment drives economic growth

To date, Shanghai has attracted more than $370 billion in foreign investment and is home to nearly 80,000 foreign-funded enterprises. These companies generate over a quarter of the city's GDP and about one-third of its tax revenue.

They have also played a key role in driving technological innovation. As of September, Shanghai had certified 631 foreign-funded R&D centers, with over 50 percent focusing on key sectors such as biopharmaceutics, information technology, and automotive components.

The city has also recognized 1,060 regional headquarters of multinational corporations, strengthening investment decision-making, R&D, financial management, procurement and distribution, and supply chain management.

From January to September, Shanghai added 4,764 foreign-invested enterprises, an increase of 5.5 percent year-on-year. Foreign direct investment reached $12.06 billion.

Global firms deepen presence in Shanghai

Firms from the United States, Japan, and Germany continue to maintain a strong presence, together accounting for 55 percent of companies on the lists.

US enterprises take the lead once again, with 87 included, four more than the previous year. This marks the fifth consecutive year that US enterprises have topped the lists in terms of the number of enterprises.

Michelin (China) Investment Co Ltd secures top 10 positions in both business revenue and tax contribution. It has ramped up investment in Shanghai, including a 1-billion-yuan ($140.94 million) project to expand its high-performance radial tire production in 2021 and the establishment of a polymer company in 2024.

The China (Shanghai) Pilot Free Trade Zone remains a major draw for foreign companies. Of the 149 Pudong-based foreign-invested enterprises included in the rankings, 128 are registered in the zone, with nine located in the Lin-gang Special Area.

Biomedicine and finance industries stand out

Shanghai's biomedicine sector has shown remarkable strength, with 19 companies featured this year. Johnson & Johnson Medical (Shanghai) Ltd and Roche Diagnostics (Shanghai) both excel across all the four categories. Nine companies in this sector rank among the top 100 in tax contribution, and eight report year-on-year growth.

The financial industry remains a key pillar of Shanghai's economy. This year, 21 financial firms appear in the rankings, including eight in the business revenue category. Notably, HSBC Life Insurance Company Limited saw substantial revenue growth. In the tax contribution category, 14 foreign-funded financial enterprises are included, with HSBC Bank (China) Company Limited and Standard Chartered Bank (China) Ltd witnessing significant increases. AIA Life Insurance Co Ltd stands out with strong performance in business revenue, tax contribution, and job creation.

Source: Wenhui Daily