Shanghai moves to consolidate its position as an ideal foreign investment destination through certifying 30 regional headquarters of multinational corporations and 10 research and development centers on Friday, according to official sources.

As the end of February, Shanghai is home to 1,027 multinational corporations' regional headquarters and 597 foreign-funded R&D centers, making the city one of the most attractive destinations for multinational corporations and a highly preferred place for multinational companies to deploy the global supply chain and industrial chain, said the Shanghai Municipal Commission of Commerce.

"As a Philippine company starting development in Shanghai, China since 1993, we are the witness and beneficiary of China's reform and opening-up," said Li Peiming, executive vice-president of Liwayway (China) Co Ltd.

"Thanks to Shanghai's open and inclusive policy, we've benefited from the relaxed business environment and achieved development globally through our platform in Shanghai. Currently, we are operating 30 enterprises in ten countries worldwide," Li said.

US-based consumer health company Kenvue, which was spun-off from Johnson & Johnson in 2023, also benefited from Shanghai's exceptional business environment and made the city undoubtedly the top choice when selecting its headquarters for the Chinese market, said Gift Arpaporn Samabhandhu, president of Kenvue China.

Along with local governments' support, the city's robust economic foundation, rich talent pool, and high level of openness, the company has achieved effective localization and high-quality development over the past nearly four decades, according to Samabhandhu.

"Shanghai offers one of the best business environments for foreign-funded companies, and the city's stable policy and great talent are attracting companies like us to launch our China headquarters here," said Zong Yanping, managing director of DeLonghi Appliances (Shanghai) Co Ltd.

About 65 percent of the Italy-based company's global business comes from coffee machines, and he sees China market a high-growth market with huge potential.

Shanghai has become the topnotch destination for international companies' investment, and in 2024 alone 60 multinational corporations' regional headquarters and 30 foreign-funded R&D centers were newly identified. Nearly 6,000 new foreign-funded enterprises were established in the city throughout last year, involving more than $17.6 billion foreign capital, according to the Shanghai Municipal Commission of Commerce.

Facts and figures

1,027

Number of multinational corporations' regional headquarters in Shanghai as the end of February

597

Number of foreign-funded R&D centers in Shanghai as the end of February

60

Number of newly identified multinational corporations' regional headquarters in Shanghai in 2024

30

Number of newly identified foreign-funded R&D centers in Shanghai in 2024

6,000

Number of new foreign-funded enterprises established in Shanghai in 2024

17.6 billion

Value of foreign capital for newly-established foreign-funded enterprises involved in 2024