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Qingdao Multinationals Summit closes on high note, with over 160 agreements signed

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      China

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      Qingdao Multinationals Summit closes on high note, with over 160 agreements signed

      2024-08-29 21:20 Last Updated At:21:37

      The fifth Qingdao Multinationals Summit wrapped up in Qingdao City of east China's Shandong Province on Thursday with over 160 investment agreements inked.

      The three-day summit saw the signing of a total of 163 investment and trade projects. Among them were 121 investment projects amounting to approximately 13 billion U.S. dollars, and 42 trade projects with a combined contract value of 40.4 billion U.S. dollars.

      Under the theme "Multinationals and China," the event brought together leaders from 451 multinational companies representing 37 countries and regions to exchange insights on their experience and strategies in the Chinese market.

      Among them were 140 Fortune 500 companies and 311 industry leaders, with a record 99 multinational companies participating in the summit for the first time.

      Nearly 100 multinational company leaders also delivered speeches and presentations at the summit, outlining their new strategies for development in China and their investment intentions.

      This year's Summit introduced some new activities such as the first-ever investment exchange for multinational companies, the first promotion of zones like the Shanghai Cooperation Organization Demonstration Zone, and the first special session focused on marine innovation talents.

      More than 20 provincial-level commerce departments also attended the summit to facilitate business cooperation, showcasing China's strong commitment to opening up to the global business community.

      A report released during the summit by the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce indicates that multinationals are active participants in China's development, important supporters of the country's pursuit of high-quality development, and key links in its deep integration into global industrial and supply chains.

      Multinational companies have also benefited from increased profit margins, improved cost structures and optimized resource allocation through their operations in China, according to the report.

      Data from the Ministry of Commerce shows that 53,766 foreign-invested enterprises were established in China in 2023, up 39.7 percent year on year. And another 31,654 were established from January to July this year, an 11.4 percent year-on-year increase.

      Qingdao Multinationals Summit closes on high note, with over 160 agreements signed

      Qingdao Multinationals Summit closes on high note, with over 160 agreements signed

      Next Article

      China-Germany relations help stabilize Sino-EU relations: Chinese FM

      2025-02-15 21:26 Last Updated At:21:37

      The sound development momentum of China-Germany relations has always been a stabilizing factor in China-EU relations, said Chinese Foreign Minister Wang Yi in Munich, Germany on Friday.

      Wang made the remarks during a meeting with German Federal Foreign Minister Annalena Baerbock on the sidelines of the Munich Security Conference.

      Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, stated that multipolarity is an inevitable trend in history.

      In the face of rising protectionism, the resurgence of Cold War mentality, and rising unilateral and bullying practices, China is ready to work with Germany and other countries to enhance communication and coordination, build broad consensus, and present a unified voice in safeguarding international peace and stability, said Wang.

      Wang expressed his belief that Germany will play an important role in advancing the process toward a multipolar world.

      Noting that German will hold federal election, Wang said that China follows the principle of non-interference in other countries' internal affairs. China values the mutually beneficial cooperation with Germany and is willing to strengthen dialogue and cooperation with the new German government, with an aim to inject fresh momentum into the development of bilateral ties, he said.

      Wang further noted that China is firmly committed to the path of green transition and sustainable development, and is willing to strengthen cooperation with Germany to jointly tackle global challenges such as climate change.

      Baerbock said that Germany attaches great importance to exchanges and cooperation with China in various fields and is ready to foster more convergence of interests with China and make the two countries reliable partners to each other.

      Germany adheres to the one-China principle and is willing to strengthen candid communication, deepen dialogue, and enhance cooperation with China, said Baerbock.

      The two sides also exchanged their views on the Ukraine crisis and other issues.

      China-Germany relations help stabilize Sino-EU relations: Chinese FM

      China-Germany relations help stabilize Sino-EU relations: Chinese FM

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