Shanghai now has 940 regional headquarters of multinational corporations and 551 foreign-funded research and development (R&D) centers in the city, according to a press conference of the 2023 International Business Leaders' Advisory Council for the Mayor of Shanghai (IBLAC) on October 15.

Among them, 49 regional headquarters and 20 R&D centers were launched in 2023.

Since the beginning of this year, Shanghai's economy has continued to recover, and it has generally maintained a stable and positive trend, reflecting strong resilience and vitality, said Gong Zheng, mayor of Shanghai, at the press conference.

"A good business environment is key for Shanghai to attract foreign companies. We will plan and implement a number of new measures to continuously improve the business environment," Gong added.