Shanghai-based companies are aiming to boost their trade and investment further in 2017 in countries along the Belt and Road Initiative - with a focus on equipment and services exports - a key report issued by the city's commerce and trade authorities said.

The value of new contracts written last year in the Belt and Road Initiative countries hit $8.9 billion, a 66.5 percent year-on-year increase, said the report by the Shanghai Municipal Commission of Commerce. That contributed 72.3 percent to the total value of contracts written by Shanghai groups in foreign countries last year.

In the Belt and Road countries, Shanghai groups realized total sales last year of $4 billion.