Jean-Paul Agon, chairman of L'Oréal Group, said in a written address at the event that Shanghai is the company's heart in China and North Asia, serving as a strategic engine in terms of innovation, operation, talents and sustainability, among others.

Shanghai currently hosts 1,042 multinational regional headquarters and 605 foreign-funded R&D centers, making it one of the most attractive destinations for global businesses and a key hub for managing international supply chains, according to official data in July.

The "trustful environment" in Shanghai — a good-faith confidence between local government and enterprises — emerged as a critical competitive edge of the city for multinational companies to thrive, Isabelle Hannedouche, managing director of Sodexo Greater China, said.

"Shanghai offers a fair and balanced ecosystem to enable companies providing the right service with the right standard in a very compliant way. It showcases the inclusiveness of the city," Hannedouche said. "We have people with very different backgrounds, here, we have a way to be able to attract them, retain them and give them opportunities to grow."