Statistics from the city's trade and economic cooperation commission released on Wednesday show that investment in the service industry, particularly the real estate, research and development, commerce and food and beverage sectors, accounted for 35.6 per cent of total investment from overseas during the period.

Analysts say that Shanghai has once again caught world attention with the all-round opening of its service sector following the country's entry into the World Trade Organization.

Earlier this year, banking giant Hong Kong and Shanghai Banking Corporation (HSBC) set up a global service data processing centre in Shanghai. HSBC was also among the first foreign banks to launch foreign currency services in China.

However, Shanghai's service sector still offers tremendous opportunities, as the sector contributed only 52 per cent to the municipality's gross domestic product last year, far below the minimum yardstick of 70 per cent set for an international commercial city.

To further boost its service industry through Sino-foreign cooperation, Shanghai will host an exposition of worldwide service industries in September this year to demonstrate professional services in the financial, legal, accounting, consulting, accrediting, trading and information sectors.

Agencies via Xinhua

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