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A total of 1,229 foreign-funded companies were registered in South China's Shenzhen City in the first five months of the year, up 12 percent as against the same period of last year.

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The new companies, with registered assets of more than US$1 billion, are expected to invest US$1.36 billion mainly in the manufacturing industry, retail and wholesale businesses, and science and technology, according to the Bureau of Industry and Commerce of Shenzhen, China's first pilot reform city.

To date, 140 of the world's 500 biggest companies have established 392 offices or joint ventures in Shenzhen, specializing in manufacturing, retail and wholesale, IT, software, logistics and other sectors.

Shenzhen has seen a vigorous economic development since it was designated as a pilot city for China's reform and opening-up policies in 1978.

(For more biz stories, please visit Industry Updates)