A total of eight companies signed investment contracts with Shanghai's Jiading district government on May 25. [Photo provided to chinadaily.com.cn]

A total of eight project contracts were signed in Jiading district of Shanghai on May 25, with investment totaling 6.22 billion yuan ($967.69 million).

Among these projects, 78 percent involve foreign investment and are worth 4.9 billion yuan. Most of the new projects are involved with Jiading's key industry development, such as new energy and smart transportation.

Shanghai has long been a top destination for foreign investment. Business figures show the city's economy has already resumed to growth levels not seen since before the outbreak of the COVID-19 pandemic, according to Zhu Yi, vice-chairwoman of the Shanghai Commission of Commerce.

In the first four months of this year, foreign investment in Shanghai reached $7.77 billion, an increase of 20.3 percent year-on-year. It also increased 25.2 percent compared with 2019, according to the commerce commission.

In addition, a total of 20 foreign-funded companies set up regional headquarters in Shanghai and seven research and development centers were established, the commission said.

Jiading is the district involved in Shanghai's latest plan to drive new social and economic development for the next five years.

Under the plan, five suburbs in Shanghai — Jiading district, Qingpu district, Songjiang district, Fengxian district, and Nanhui region in the Shanghai Pudong New Area — will be built into "independent nodes." The nodes are expected to boost the integrated development of the Yangtze River Delta area.

Jiading will seek new growth that integrates industry development and city construction. Based on its own characteristic industry, Jiading will also establish a high level pilot zone for smart transportation, according to Li Feng, the district's vice director.