The actual use of foreign capital in Shanghai surged 28.1 percent year-on-year to $7.8 billion in the first quarter of 2023, the municipal government announced during a media briefing on Thursday.

The city's accumulative actual use of foreign capital is currently in excess of $330 billion, added Gu Jun, director of Shanghai Municipal Development and Reform Commission.

There are presently about 70,000 foreign companies in Shanghai that contribute to about 25 percent of the city's GDP and one third of its tax revenue.

These companies also account for more than half of Shanghai's aggregated industrial output generated by enterprises with an annual turnover of at least 20 million yuan ($2.9 million). Nearly two thirds of Shanghai's annual import and export value is contributed by these foreign companies.

On top of that, 907 multinational companies have set up their regional headquarters in Shanghai. The city is also home to 538 research and development centers of multinational companies.

Local government officials have met with the top executives of 51 multinational companies so far this year, according to Zhang Guohua, deputy director of Shanghai Municipal Commission of Commerce.

Zhang noted that 30 Shanghai-based projects have been included in the latest list of national key foreign investment projects. The municipal government has also set up special service mechanisms to facilitate the implementation of these foreign-invested projects.

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