At the fifth Qingdao Multinationals Summit held from August 27 to 29 in Qingdao, east China’s Shandong Province, global corporations reaffirmed their commitment to China’s burgeoning market opportunities.
The summit attracted over 500 attendees from more than 450 multinational corporations, with 99 companies participating for the first time. The number of global CEOs in attendance also reached a record high, underscoring the global business community’s keen interest in China’s economic landscape.
During the three-day event, an impressive total of 163 projects were signed. These included 121 investment projects worth \$12.9 billion and 42 trade projects with a contract value of \$40.4 billion, signaling robust confidence in China’s market potential.
Entrepreneurs at the summit expressed their determination to expand their presence in China, highlighting a shared eagerness to collaborate with Chinese partners towards a brighter, shared future.
AstraZeneca, the British biopharmaceutical company, announced additional investment in its Qingdao production and supply base, bringing the total investment to \$750 million. “China is becoming a source of drug innovation as the medical market grows,” said Leon Wang, executive vice president of AstraZeneca, in an interview with CGTN.
Vincent Yan, China CEO at Ajlan & Bros Holding Group, observed that “Chinese companies are becoming more internationally competitive.” He noted that Saudi Arabia has been one of the main destinations for Chinese companies’ global expansion.
Echoing this sentiment, Yasser M. Mufti, executive vice president of the Saudi Arabian Oil Company (Saudi Aramco), remarked, “China’s remarkable achievements and economic transformation are influencing the world. We see the long-term growth potential of China, which is why we continue to increase our investments.”
A report released during the summit by the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce highlighted the vital role of multinationals in China’s development. The report stated that multinational corporations are active participants in China’s progress, important supporters of its pursuit of high-quality development, and key links in the country’s deep integration into global industrial and supply chains.
According to the report, multinational companies have benefited from increased profit margins, improved cost structures, and optimized resource allocation through their operations in China.
Data from the Ministry of Commerce shows a significant increase in foreign investment. In 2023, 53,766 foreign-invested enterprises were established in China, up 39.7 percent year on year. From January to July this year, 31,654 enterprises were established, marking an 11.4 percent year-on-year increase, with no signs of slowing investment.
The successes highlighted at the Qingdao Multinationals Summit reflect the continuing appeal of China’s market to global businesses. As multinationals deepen their engagement, they contribute to China’s development while also reaping the benefits of its dynamic economy.
