SHANGHAI - Shanghai-based Chinese companies made a combined investment of $2.42 billion abroad in 2010, up 57 percent from the previous year, helping the metropolis remain a primary base for Chinese offshore investment during the past five years.

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The latest data from the city's commerce bureau show that about 10 percent of last year's 301 offshore investment projects were valued at more than $10 million. These multi-million-dollar projects include the stake acquisition of Belgium-based Zeebrugge APM Terminals by Shanghai International Port Group Co, China's largest port operator.

Shanghai's offshore investment stood at only $530 million in 2006. It surged in the following four years. The city's total offshore investment from 2006 to 2010 reached $5.85 billion.