(Yicai Global) Feb. 19 -- Shanghai firms signed on for almost three times as much foreign direct investment contracts last month as they did in January 2018 as the city looks to become more open to overseas businesses.

The companies penned USD10.1 billion worth of foreign investment deals, up 197.6 percent on the year, according to data collected by Yicai Global. China's largest city welcomed 563 new foreign-backed projects, up 69.1 percent, and collected USD1.42 billion in FDI, a third more than the same period a year earlier.

Lazhasi Network Technology, which operates meal delivery platform Ele.me, landed almost USD2.5 billion to win the biggest contract of the month.

The rapid rise suggests Shanghai is pushing harder to become a more friendly global business environment, and knocks back naysayers who believe that  rising labor costs, tighter restrictions over land resources and the gradual exit of highly preferential policies are eroding China's attractiveness for foreign investment.

The Shanghai Municipal Commission of Commerce plans to organize 10 round table discussions to enhance cooperation between government and enterprises this year, according to a session held by the Shanghai Association of Foreign Investment on Feb. 15. The commission hopes to perfect its rights protection mechanism for foreign-backed firms and find other ways to help overseas companies thrive in China.

Many multinationals are choosing to set up regional headquarters and research and development centers in Shanghai, with four more joining the ranks last month. IXM Shanghai Corporate Management and Graco Fluid Equipment Shanghai set up Asia Pacific bases in the city, and Nike China and Montage Technology each formed an investment arm and research hub there.

Editor: James Boynton