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 upcoming New Year has injected a stimulus to China's consumer market, with stores beefing up stocks of farm produce and other supplies.

According to data from the Ministry of Commerce, ahead of the New Year, the stock levels of essential goods such as grains, edible oil, eggs, and pork have slightly increased in the country's 200 major agricultural wholesale markets compared with early December. The supply of daily necessities has remained sufficient and the prices have been generally stable.

In Beijing, grocery stores are experiencing a surge in customer traffic, with many major supermarkets seeing daily foot traffic exceeding 10,000 people.

Hubei Province in central China has better coordinated production and sales, increasing the efficiency of daily goods circulation by 10 percent compared with usual.

In south China's Guangxi Zhuang Autonomous Region and other regions, large agricultural wholesale markets and key supermarkets have seen a 20 percent increase in the supply of essential items such as vegetables, fruits, eggs, and dairy products.

The holiday atmosphere also extends to commercial districts and tourist attractions. From Nanjing City's lantern-decorated malls and Changsha City's renovated cultural streets, to newly opened countryside inns in snow-covered Mohe City, business is booming ahead of the New Year.

Many stores are also rolling out end-of-the-year special sales. In northwest China's Xi'an City, several department stores have offered promotion deals combined with subsidies for home appliances move-up purchases.

"With government subsidies, the discounts are particularly good. I'm planning to buy a new washing machine before the New Year so I can use it during the holidays," said a consumer in Xi'an.

Data from the State Information Center shows that in December, the offline consumer activity index has seen a 5.0 percent year-on-year increase. The service consumption activity index has risen by 10.6 percent, with the leisure and entertainment sector growing by 32.3 percent, the catering industry up by 9.6 percent, and tourism by 9.0 percent, respectively.

China sees bustling consumption as New Year approaches