City reveals 2019's top foreign-funded firms
Shanghai has released lists of the city's top 100 foreign-funded enterprises in 2019 in terms of income, imports and exports, tax payment and employment, with Shanghai Volkswagen Automotive Co ranking first in both revenue and tax paid.
With the implementation of the Foreign Investment Law this year, a new foreign investment information reporting system was established, and a total of 59,432 foreign-invested enterprises in Shanghai were covered in the annual national foreign investment report.
Shanghai Volkswagen had a total revenue of 257.09 billion yuan in 2019 and paid 30.64 billion yuan (US$4.57 billion) in tax.
Pegatron Technology (Shanghai) Co had the highest total of imports and exports at 123.714 billion yuan and created the highest number of jobs with 60,606 employees.
The top 261 companies accounted for just 0.17 percent of the total number of foreign enterprises in the city but contributed 53.94 percent of the import and export volume of foreign enterprises, as well as 18.49 percent of operating income, 19.76 percent of tax payment, and 20.25 percent of employment.
Most of the top 100 foreign-funded enterprises came to Shanghai between 2000 and 2009.
Among the top enterprises, the earliest to set up in the city was Schindler (China) Elevator Co Ltd in 1980. It was the first sino-foreign joint venture in Shanghai.
The latest one was Tesla (Shanghai) Co, established in 2018, with its Gigafactory taking less than a year from construction to production.