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October 29, 2016

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Shanghai gains from presence of MNCs

APPLE China, Shanghai Volkswagen and SAIC-GM became the three most successful foreign-invested companies in Shanghai by sales in 2015, the Shanghai Commission of Commerce said yesterday.

According to a list ranking Shanghai’s top-100 foreign-invested companies, the combined revenue of these 100 enterprises rose 1.18 percent to 2.34 trillion yuan (US$345 billion) last year, reflecting a steady growth of foreign companies in Shanghai.

These companies, however, saw the value of their imports and exports fall 5.4 percent from a year earlier to US$164 billion mainly because they shipped less to other countries — a sign that more foreign companies are targeting the domestic market.

“Foreign companies are very important to Shanghai, especially in helping the city upgrade its industrial structure and move toward an innovation-driven economy,” said Liu Jinping, chairman of the Shanghai Association of Foreign Investment.

“Their contributions to the city can never be exaggerated,” Liu added.

Although the top-100 companies form a tiny part of the 42,000 foreign-invested enterprises in the city, they accounted for 40 percent of revenues and taxes paid by all foreign-funded companies in Shanghai, according to the commission.


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