Shanghai pays tribute to foreign-invested enterprises

Shanghai acknowledged the top 100 foreign-invested enterprises (FIEs) in four rankings on Tuesday based on their 2023 performance in operating revenue, import and export volume, tax contributions and job creation.

Topping the lists were Apple Computer Trading (Shanghai) Co for operating revenue, Tech-Com (Shanghai) Computer Co for import and export value, Porsche (China) Motors Ltd for tax contributions and Fast Retailing (China) Ltd for job creation.

A total of 258 foreign-invested enterprises made the four lists. Eleven leading multinationals made it to all the four rankings, including BASF, Richemont, Roche Pharmaceuticals, Johnson & Johnson Medical Shanghai Co Ltd, and Tesla (Shanghai) Co Ltd.

The United States remains the top country with 83 companies included in the listing, followed by 32 Japanese and 28 German companies.

Liu Ping, deputy secretary general of the Shanghai government, said multinationals have been playing a pivotal role in driving economic growth and have already been deeply integrated with various industry sectors' manufacturing, research and supply chains.

"Shanghai will continue to leverage existing advantages and follow-up innovative initiatives and mechanism, and we welcome more multinationals to locate their business in the city," he added.

The combined operating revenue of the rewarded FIEs accounted for about 33.48 percent of the total revenue of all FIEs in Shanghai, with total value at 3.42 trillion yuan (US$482 billion).

In terms of tax payment, these enterprises contributed a combined 207.3 billion yuan, constituting around 34 percent of the FIEs' total.

The enterprises also facilitated a combined import and export value of 1.164 trillion yuan, representing as much as 47 percent of the overall figure of foreign enterprises in the city and 28 percent of the city's total trade value in 2023.

Financial institutions' average operation revenue and the number of employees have been climbing four straight years, reflecting their contribution and Shanghai's strong appeal to financial talent, according to Huang Feng, president of the Shanghai Foreign Investment Association.

Mauricio Abarca, SQM (Shanghai) Chemicals Co's China finance director, said the company remains confident of China's electric vehicle sector and plans to make further efforts to deepen relationships with the authorities.

"We have been deeply impressed by the vibrant business environment and strong support from the local government, and as a global economic and financial center, Shanghai provides us with unlimited opportunities and broad prospects," he said.

It's also deeply convinced that China's electric mobility market will continue to grow in the coming years and consolidate its position as global leader in the Industry.

Li Jie, vice president of Emerson Electric and general manager of Emerson Electric (China) Holdings Co Ltd, said Shanghai had also become the core region for its China operations.

"Shanghai's vibrant and inclusive environment as well as leading infrastructure and urban management has attracted top talent and we're ready to make further progress to empower Shanghai's high quality development," she said.