(Yicai Global) July 29 -- Some USD5.85 billion in investment contracts were signed with foreign enterprises in Shanghai yesterday.

Twenty-four out of the 60 projects inked involved investments of over USD50 million each, according to the Shanghai government. Thirty-six projects worth nearly USD3 billion are in key industries such as integrated circuits, biomedicine, artificial intelligence, health products, automobiles, high-end equipment, advanced materials as well as consumer fashion.

Porsche joins 802 other multinationals that have set up their regional headquarters in Shanghai. China accounted for one third of the German sportscar maker’s global sales last year and was its biggest single market for the sixth year running.

The move indicates Porsche’s confidence in the Chinese market and its determination to have a stronger presence in the country, a representative from Porsche Motorsport Asia Pacific said at the signing ceremony.

EV Power will invest CNY300 million (USD46.3 million) to build more charging piles and stations nationwide to increase the number to 60,000 by 2023, Chief Executive Officer Chen Zhenxiong told Yicai Global.

Hong Kong-based EV Power already has its regional headquarters and an R&D center in Shanghai and is the largest charging network operator in residential communities and commercial buildings in China, Chen said.

Shanghai is home to 493 foreign-funded research and development centers, 12 of which were set up in the first six months. The city’s actual use of foreign capital jumped 21 percent in the first half from the same period last year to USD12.4 billion. It has averaged a growth rate of 13 percent over the past two years.

Editors: Tang Shihua, Kim Taylor