Shanghai adds 60 regional HQs of multinationals in 2022

Shanghai saw 60 new regional headquarters of multinational companies and 25 foreign-funded research and development centers establish themselves there last year, according to an announcement made on Jan 3 by the Shanghai Municipal Commission of Commerce.

By the end of 2022, the city in East China had set up a total of 891 regional HQ of multinationals – including RHI Magnesita – and 531 foreign R&D centers, maintaining its leading position as the city with the largest concentration of multinational headquarters on the Chinese mainland.

RHI Magnesita is the world's leading supplier of high-grade refractory products, systems and solutions. Currently, the company has nine plants and one mine in China and is the only foreign company with mining rights in the country.

In order to unify and coordinate its business activities in China and East Asia, the group increased its investment in China through the establishment of a regional HQ in Shanghai, according to Marco Olszewsky, president of RHI Magnesita China & East Asia.

In 2022, Shanghai continued to foster a market-oriented, law-based and international business environment – and created better conditions for foreign groups to invest and establish their presence in the city.

From January to November last year, 4,054 new foreign-invested enterprises were established in Shanghai. The amount of actually utilized foreign capital was $22.36 billion, up 6.5 percent over the same period the previous year.