US firms lead Shanghai's 2024 Top 100 Foreign-Invested list

A total of 265 foreign-funded companies have made it onto the four 2024 Top 100 Foreign Invested Enterprises lists, covering categories including sales revenue, import and export value, tax contribution and job creation, with 87 of them being US companies, according to a report released on Wednesday.

"This year saw an increase of seven companies on the four lists compared to last year," said Huang Feng, chairman of the Shanghai Foreign Investment Association, which publishes the annual ranking.

As the backbone of the city's foreign investment landscape, the 265 companies accounted for 31.16 percent of the total sales revenue of all foreign-invested companies in the city, 44.68 percent of total imports and exports, 31.75 percent of tax contributions, and 17.50 percent of employment, Huang said, citing the report on Shanghai's Top 100 Foreign-Funded Companies released on Tuesday.

Apple Computer Trading (Shanghai) Co Ltd ranked first in revenue, Tech-Com (Shanghai) Computer Co Ltd topped both the import and export list and job creation list, while Porsche (China) Motors Ltd took the lead on the tax list.

By origin, 87 enterprises on the lists are from the United States, followed by 33 from Japan and 26 from Germany. Together, companies from these three countries account for more than half of the total, making up 55 percent.

More than half, or 149 companies, are located in the Pudong New Area, with 128 of them registered in the China (Shanghai) Pilot Free Trade Zone. By industry, the top three sectors are wholesale and retail, manufacturing, and leasing and business services, Huang said.

"The long-term positive fundamentals of Shanghai's economy and the trend of high-quality development will remain unchanged, and the city will continue its efforts in further opening-up. Shanghai aims to create a more favorable environment and provide better service for multinational companies operating in the city," said Zhu Min, deputy secretary-general of the Shanghai Municipal Government as well as director of the Shanghai Municipal Commission of Commerce.