Shanghai financial hub Lujiazui's drive to turn itself into a global powerhouse rivaling New York's Wall Street and the City of London is gaining momentum, according to Wang Hua, director of the Lujiazui Administration Bureau of the Shanghai Free Trade Zone.

Foreign investment in Lujiazui has accelerated in 2017, with the area approving 71 international investment projects in the first quarter alone, an 18 percent increase year-on-year. The value of these projects is worth $687 million, up 110 percent on the same period last year.

The area's success as a financial center is also making it more attractive to multinational companies in other sectors as a place to locate their regional headquarters. More than 300 multinationals have now established headquarters in Lujiazui, including Ford Motor Co and Financiere Richemont.

Tellingly, global human resources company Manpower Group recently moved its Greater China headquarters from Hong Kong to Shanghai, a sign of the shift in the balance of power occurring between the two great Chinese cities.

According to Wang, Lujiazui's increasing internationalization is the key factor behind its growing attractiveness to investors. "As an important window and platform for Shanghai and Pudong to open to the outside world, internationalization is the most distinctive feature and the most significant advantage of Lujiazui," Wang said.

Lujiazui's integration into the Shanghai Free Trade Zone in 2015 has also helped to attract foreign companies, and the local government is now focusing on building links between the FTZ and the Shanghai International Finance Center to increase the area's drawing power further.

The area plans to establish a financial center and scientific and technological innovation center to attract more emerging technology companies to move into eastern Shanghai, according to Wang.

Lujiazui also plans to lure more international investors by becoming a more livable district. The government has stressed the importance of improve the area's "cultural atmosphere" and there are plans to build more cultural facilities and organize more events.