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Qingdao summit showcases higher-level opening-up

(chinadaily.com.cn) | 2022-06-24

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Officials introduce major achievements that were made during the Third Qingdao Multinationals Summit at a press conference on June 21. [Photo provided to chinadaily.com.cn]

The Qingdao Multinationals Summit continues to expand its scales and international clout, becoming a grand annual event for multinational companies to share their thinking and experiences for better development, said Zeng Zanrong, vice-governor of Shandong province, during the second press conference at the summit on June 21.

This year's summit, which ran from June 19 to 21, focused on six topics including global industrial and supply chains, the implementation of the Regional Comprehensive Economic Partnership agreement, and green and low-carbon transformation, and held 44 activities in 14 categories, with 186 Fortune 500 companies and 290 industrial leading companies in attendance.

Multinationals in China: Rechoice in the Restruction of Global Supply Chains, which was compiled by the Ministry of Commerce's Chinese Academy of International Trade and Economic Cooperation, was released during the summit.

Foreign investment deals worth $15.6 billion for 99 projects were also inked, covering new-generation information technology, new energy, new materials, high-end equipment, high-end chemical technology and other industries.

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A signing ceremony for 99 projects is held during the Third Qingdao Multinationals Summit on June 20. [Photo provided to chinadaily.com.cn]

According to Zeng, this year's summit initiated three categories of events. The Summit Dialogue series invited more than 40 leaders of multinational companies, heads of renowned commerce chambers and scholars to exchange ideas. The economic consultant conference appointed 29 multinational presidents as economic consultants for Shandong's development. The province of honor was also established to strengthen the summit's function of serving the entire country.

This year's summit has declared China's determination to promote a higher level of opening-up and bolstered multinationals' confidence in investing and developing in China, said Yu Zirong, vice-president of the Chinese Academy of International Trade and Economic Cooperation. 

The previous two editions of the Qingdao summit brought in 53 Fortune 500 companies in Qingdao, the host city of the summit. To date, the city has 383 projects funded by 173 Fortune 500 companies.