Qingdao has reached deals for seven projects with Fortune 500 enterprises in the first quarter of 2016, bringing in a total investment of 6 billion yuan ($924 million), according to Qingdao Daily on May 23.

Authorities from the municipal bureau of commerce pointed out that foreign investment from Fortune 500 enterprises in Qingdao in the first quarter made up 38.5 percent of all foreign investment in Shandong province, covering industries like automobiles, rubber tyre, infrastructure and the real estate.

According to statistics, 126 Fortune 500 enterprises have set up 248 projects in Qingdao as of 2016, with an average investment volume of 316 million yuan.

Among all the foreign countries investing in Qingdao, Japan ranked first with 97 projects, followed by South Korea, Hong Kong, the US and France.

The government authority also declared that it would simplify relevant procedures and improve working efficiency to enhance returns for key projects.