Katia Deng/ Shanghai Daily news

Shanghai has attracted another 14 new multinational companies to set up their headquarters here in the first quarter of this year.

A total of 909 foreign-funded projects have been authorized in the first three months, with foreign capital of US$3.17 billion. The 45,456 approved foreign investment companies totaled US$117.08 billion in contract capital.

The manufacturing sector absorbed US$1.26 billion in foreign capital, a year-on-year rise of 3.3 percent.

The service industry is adjusting its structure to attract more investment. Outsourcing service companies like EDS and the data processing company of Citibank have settled in city. Foreign capital in this field hit US$1.86 billion, accounted for 58.6 percent of the total contract capital.

The investment companies are in stable condition with the revenue of US$422.16 billion in the first quarter, a 20 percent increase year-on-year. The profit amounted US$27.16 billion, up 53.7 percent; the tax grew 14.1 percent to US$13.18 billion and gross exports rose 20.5 percent to US$21.83 billion.

Shanghai is home to 168 multinational companies, 151 investment companies and 201 R&D institutions.