The Xuhui district of East China's Shanghai witnessed a watershed moment during the signing ceremony for the third group of major projects at its Heng-Fu Historic and Cultural Area on Sept 19.

A total of 20 significant projects were signed, marking an important milestone for the district's economic development.

The district has proactively promoted foreign investment in 2023. It hosted global promotions events in Singapore, Germany and Japan in April and August, which attracted a raft of major projects.

These projects are worth billions of yuan (1 billion yuan equals $137  million) or tens of millions of yuan and have taken root in the district.

Several new projects were signed at the ceremony across various sectors, such as automotive manufacturing, entertainment, green and low-carbon development, information technology and healthcare.

Top companies like multinational automotive manufacturer Stellantis, Chinese retail toy brand Pop Mart and American coworking space provider WeWork Inc are expected to deepen their collaboration with the district.

What's more, the Xuhui district released a document to improve its foreign investment environment at the ceremony. According to the document, efforts to attract foreign investment will intensify and policies for foreign investors will be strengthened.

Currently, the district is home to 3,400 foreign-funded enterprises, which include 119 foreign headquarters and 30 foreign research and development centers. This is said to have established the district as a major Shanghai foreign investment hub.

Statistics showed that foreign direct investment in the Xuhui district topped $1.56 billion in the first eight months of this year, representing a whopping year-on-year increase of 55.12 percent.

This growth is said to be attributed to the district's exported-oriented economy, which has played a crucial role in driving regional economic development, promoting technological innovation and in boosting its urban functions.