Shanghai Maintains Attractiveness for Global Companies with Record Foreign Investment in 2023

Shanghai, at the forefront of China's reform and opening-up, continues to attract global companies, achieving a record high in foreign investment utilization in 2023, amounting to $24 billion. The city's GDP reached CNY 4.72 trillion (about $664.1 billion), marking a 5% year-on-year increase. This information was presented in the government work report during the annual session of the municipal people's congress.

In 2023, Shanghai welcomed 65 regional headquarters of multinational firms and 30 foreign-funded research and development centers, totaling 956 and 561, respectively. The city's appeal to foreign investors remains strong, emphasizing its role as a pioneer in China's reform and opening-up.

Notable investments include a strategic cooperation agreement between Moderna, a US biotech giant, and Shanghai authorities for a $3.6 billion biomedical project. Allen & Gledhill LLP, a Singaporean law firm, opened its first representative office in Shanghai's Pudong District, citing the promising market and welcoming business environment as key factors.

Shanghai plans to further improve its business environment and enhance international economic and trade cooperation to attract more quality enterprises and businesses from around the world.