QINGDAO, China, Sept. 03, 2024 — The Fifth Qingdao Multinationals Summit, jointly organized by Shandong Province and the Ministry of Commerce, commenced on August 28 in Qingdao, Shandong. Numerous leaders of multinational corporations expressed that the summit embodies a significant step towards China’s expanding high-level openness, bolstering their confidence in deepening their long-term involvement in the Chinese market. They eagerly anticipate collaborating with China to forge a brighter future together. 

This year’s summit stands out due to its substantial scale, high-profile participants, and new areas of focus, attracting over 500 attendees from more than 450 multinational companies. The presence of global CEOs reached an unprecedented level, representing diverse industries such as next-generation information technology, bio-medicine, renewable energy, and high-end equipment.

Li Yongsha, deputy China international trade representative at the Ministry of Commerce, stated that the summit is a tangible initiative to attract and leverage foreign investment with increased intensity. It aims to further enhance the summit’s role in facilitating business collaboration and knowledge exchange while maximizing the summit’s function as a significant high-level platform for international exchange and cooperation. This will empower multinationals to uncover more opportunities through open dialogues and attain mutually beneficial outcomes through pragmatic collaboration.

Many leaders from multinationals observed that the summit continues to serve as a vital bridge for expanding high-level openness, and a crucial platform for multinationals to gain insights into China, invest in China, and deepen their engagement within the Chinese market.

Leaders from multinationals interviewed emphasized China’s economic resilience and underscored that China’s high-quality development presents new market space and investment opportunities. Multinationals maintain their confidence in the Chinese market and embrace collaborating alongside China to enhance joint endeavors.

During this summit, the report titled Multinationals in China: Share New Opportunities for Chinese-Style Modernization, released by the Chinese Academy of International Trade and Economic Cooperation of the Ministry of Commerce, indicates that the investment returns of multinationals in China serve as a key contributor to their overall performance. A report by the American Chamber of Commerce in China titled 2024 China Business Environment Survey Report shows that the Chinese market holds significant importance for American companies operating in China, with half of the member companies listing China among their top three global investment destinations, an increase of 5 percentage points compared to 2022.

Data from the Ministry of Commerce shows that in 2023, a total of 53,766 new foreign-invested enterprises were established in China, reflecting a year-on-year growth of 39.7%. From January to July this year, 31,654 new foreign-invested enterprises were set up nationwide, marking an 11.4% increase year-on-year.

Source: The Fifth Qingdao Multinationals Summit

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