Mobile phone giant Motorola’s three-year reign as top foreign-funded company in China has been set to “power off,” as Volkswagen Shanghai Company raced into pole position on the country’s 2004’s list of Top 500 Foreign-funded Companies. Volkswagen Shanghai chalked up annual sales of 56.7 billion yuan that year – an increase of 12 billion yuan over 2003. The list shows that eastern China remains a magnet for foreign investment: 444 members on the prestigious list are based in this area. Beijing hosts 47 of the companies, ranking fourth after Guangdong, Shanghai and Jiangsu. Most of the top 500 foreign-funded companies are involved in IT, communications equipment, electrical appliances, electronics and auto sectors.