Investment deals worth $7.12b inked in Shanghai

A string of high-profile foreign investment projects were inked in Shanghai on Thursday as global businesses continue to laud China's favorable investment policies and indispensable role in fueling growth.

A total of 38 foreign funded projects covering manufacturing, retail and financial services were signed during a grand contract-signing ceremony in the city, with combined investment totaling 49.2 billion yuan ($7.12 billion).

Record-breaking deals include Allianz Group's 10-billion-yuan investment in creating the country's first insurer that is controlled by foreign capital, as well as the first brokerage with majority foreign ownership by JPMorgan Chase with 800-million-yuan registered capital.