SHANGHAI — Shanghai Municipality received $18.5 billion of foreign investment in 2016, up 0.3 percent, official data showed on Jan 21.

The figure has risen for 17 consecutive years, with European countries’ investment a major factor in 2016, according to the Shanghai Municipal Commission of Commerce.

Investment from European countries including France, Britain and Germany reached $1.86 billion, up 42.4 percent from 2015.

About $16.3 billion, more than 88 percent of the total, went into the service sector, up 2.5 percent, said an official with the commission on Jan 21.

More foreign investment in services will help the city’s industrial transformation and upgrades, the official said.