The fifth Qingdao Multinationals Summit successfully convened from August 27 to 29 in Qingdao, Shandong Province, attracting over 500 attendees from more than 450 multinational corporations. This year's summit marked a record with 99 multinationals participating for the first time and a record number of global CEOs in attendance.
During the summit, an impressive 163 projects were signed, comprising 121 investment projects valued at $12.9 billion and 42 trade projects with a contract value of $40.4 billion. Entrepreneurs expressed strong resolve to expand further into the Chinese market, highlighting a keen eagerness to collaborate with Chinese partners for a shared prosperous future.
Leon Wang, executive vice president of British biopharmaceutical company AstraZeneca, stated that China is becoming a key source of drug innovation as the medical market continues to grow. AstraZeneca has announced an additional investment in its Qingdao production and supply base, bringing the total investment to $750 million.
Vincent Yan, China CEO at Ajlan & Bros Holding Group, noted that Chinese companies are becoming more internationally competitive, with Saudi Arabia being a primary destination for their global expansion.
Yasser M. Mufti, executive vice president of the Saudi Arabian Oil Company (Saudi Aramco), emphasized China's remarkable economic transformation and long-term growth potential as key reasons for their increasing investments.
A report released by the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce highlighted that multinationals are pivotal in China's pursuit of high-quality development and its deep integration into global industrial and supply chains. According to the Ministry of Commerce, 53,766 foreign-invested enterprises were established in China in 2023, marking a 39.7 percent year-on-year increase, with 31,654 established from January to July alone, up 11.4 percent year-on-year.
China's economic momentum continues to attract global businesses, underscoring the enduring appeal and growth potential of its market.
Reference(s):
Multinationals see potential and opportunity in Chinese market
cgtn.com
