(Yicai Global) May 6 -- Foreign investment in Shanghai grew quickly in the first quarter of this year, state-backed China News Service reported today, citing Vice Mayor Xu Kunlin.

Newly established foreign investment projects were up 43.4 percent, Xu said at a ceremony held by the local government to give awards to multinationals who had set up regional headquarters or research hubs in the city. The value of investment contracts was up 33.7 percent and the actual amount of paid-in capital grew 20.3 percent, he added.

Ten multinational corporations set up their regional headquarters in Shanghai in the first quarter, while five foreign-backed research centers were built in the city, Xu said.

Editor: James Boynton