(Yicai) Jan. 23 -- Shanghai continues to be multinational companies’ favorite investment target in China as the city’s foreign direct investment hit an all-time high last year, the municipality’s mayor said today at the annual meeting of the metropolis' top legislative and political advisory bodies. 

Last year, 65 multinationals set up new regional headquarters in Shanghai, more than the target of 60, reaching a total of 956, Gong Zheng said in a government work report presented at the Two Sessions of Shanghai. And the number of foreign-funded R&D centers swelled by 30 to hit 561.  

Foreign direct investment in Shanghai soared to USD24 billion in 2023, reaching a record high, Gong said. 

The value of Shanghai’s foreign trade climbed 0.7 percent last year from the year before to CNY4.2 trillion (USD585.5 billion), according to the work report. And Shanghai Port maintained its top ranking in the world for the 14th consecutive year with a container throughput of 49.15 million twenty-foot equivalent units. 

Shanghai also rolled out many measures to boost consumption last year, Gong said. Around 1,215 first stores of brands opened in the city, and the total retail sales of consumer goods surged 12.6 percent. 

This year, Shanghai will open up new areas of foreign investment, spur the construction of an international trade and consumption hub, and further consolidate foreign investment and overseas trade, Gong said. 

Editor: Kim Taylor