38 overseas-invested projects inked in Shanghai

SHANGHAI -- A total of 38 overseas-invested projects worth about 49.2 billion yuan (7 billion US dollars) were signed Thursday in Shanghai.

JPMorgan Chase & Co from the United States will invest 800 million yuan to establish China's first securities company controlled by foreign investment.

German insurer Allianz Group will invest 10 billion yuan to establish the first foreign-controlled insurance company in China.

Companies from Japan and Singapore also stepped up their investment in China, with Japan's convenience store operator Lawson Inc. planning to invest 240 million yuan to open 600 new stores in China.

Companies from Hong Kong and Taiwan were also among the investors on Thursday's signing ceremony.

Foreign investment in Shanghai has been rising steadily this year. According to the Shanghai Municipal Commission of Commerce, foreign-invested projects reached 2,051 from January to April, up 52.3 percent year on year.