Shanghai moves to consolidate its position as an ideal foreign investment destination by certifying 30 regional headquarters of multinational corporations and 10 research and development centers on March 21 according to official sources.

As of the end of February, Shanghai is home to 1,027 regional headquarters of multinational corporations and 597 foreign-funded R&D centers, making it one of the most attractive destinations for global businesses and a key hub for managing international supply chains, according to the Shanghai Municipal Commission of Commerce.

"As a Philippine company that began operations in Shanghai in 1993, we have been both witnesses and beneficiaries 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 undoubtedly made the city its top choice for establishing its headquarters in the Chinese market, said Gift Arpaporn Samabhandhu, president of Kenvue China.

With the support of local governments, along with 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 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 a top-notch destination for international investment. In 2024 alone, 60 regional headquarters of multinational corporations and 30 foreign-funded R&D centers were newly certified. Nearly 6,000 new foreign-funded enterprises were established in the city last year, with more than $17.6 billion in foreign capital, according to the Shanghai Municipal Commission of Commerce.

Facts and figures

• Number of multinational corporations' regional headquarters in Shanghai as of the end of February: 1,027
• Number of foreign-funded R&D centers in Shanghai as the end of February: 597
• Number of newly identified multinational corporations' regional headquarters in Shanghai in 2024: 60
• Number of newly identified foreign-funded R&D centers in Shanghai in 2024: 30
• Number of new foreign-funded enterprises established in Shanghai in 2024: 6,000
• Value of foreign capital for newly-established foreign-funded enterprises involved in 2024: 17.6 billion