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

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

The Version 3.0 China-ASEAN free trade agreement (FTA), finalized at the 27th China-ASEAN Summit in the Lao capital city of Vientiane on Thursday, will further expand cooperation in emerging fields, according to experts.

The upgrades cover the following areas: the digital economy; the green economy; supply chain connectivity; standards, technical regulations and conformity assessment procedures; sanitary and phytosanitary measures; customs procedures and trade facilitation; competition and consumer protection; small and medium-sized enterprises; and economic and technological cooperation.

For the first time, China and ASEAN have reached the highest-level agreements in their respective trade and economic arrangements regarding the digital economy, green economy, and supply chain connectivity.

"This will promote the digital and green transformation of both parties and has significant pioneering importance. The two sides have optimized chapters on customs procedures and trade facilitation, sanitary and phytosanitary measures, and economic and technical cooperation. Additionally, a new chapter on micro, small, and medium-sized enterprises (MSMEs) has been added, which will help reduce transaction costs and bring more benefits to businesses and people on both sides," said Chen Zhiyang, deputy head, Department of International Economic and Trade Relations, Ministry of Commerce.

At the same time, the Version 3.0 China-ASEAN free trade agreement (FTA) will prioritize advancing standard cooperation and mutual recognition in fields such as new energy vehicles and electronics.

"This will also effectively address the current issue of inconsistent standards between China and ASEAN in related industries, reducing market entry barriers and institutional costs. It will promote regional investment and provide a better development environment for companies on both sides to further develop green industry cooperation, with a focus on new energy vehicles," said Yuan Bo, director, Asian Institute under Ministry of Commerce Research Institute.

FTA 3.0 between China, ASEAN to further expand cooperation in emerging fields: experts