Deepening Engagement in Chinese Market to Create Bright Future Together – Insights from Fifth Qingdao Multinationals Summit on China’s Further Opening-up

QINGDAO, China, Sept. 3, 2024 /Xinhua-AsiaNet/–

The Fifth Qingdao Multinationals Summit, co-hosted by Shandong Province and the Ministry of Commerce, opened on August 28 in Qingdao, Shandong. Many leaders of multinational companies said that the summit is an important manifestation of China’s gradual expansion of high-level opening-up, which strengthens their confidence to deepen their engagement in the Chinese market in the long term and their anticipation of collaborating with China to create a better future together. 

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This year’s summit is characterized by its large scale, high level, and new fields of focus, attracting over 500 guests from more than 450 multinationals. The attendance of global CEOs reached a record high, representing various industries including next-generation information technology, bio-medicine, renewable energy, and high-end equipment.

Li Yongsha, deputy China international trade representative at the Ministry of Commerce, stated that the summit is a concrete initiative to attract and utilize foreign investment with greater intensity. It aims to further enhance the summit’s role in facilitating business collaboration and knowledge exchange while maximizing the summit’s function as a significant high-level platform for international exchange and cooperation, so that multinationals can discover more opportunities through open dialogues and achieve win-win outcomes through pragmatic collaboration.

Many leaders from multinationals noted that the summit continues to function as a vital bridge for expanding high-level opening-up, and an important platform for multinationals to understand China, invest in China, and deepen their engagement in the Chinese market.

Leaders from multinationals interviewed emphasized China’s economic resilience and highlighted that China’s high-quality development offers new market space and investment opportunities. Multinationals remain confident in the Chinese market and embrace walking alongside China to enhance collaborative efforts.

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During this summit, the report titled Multinationals in China: Share New Opportunities for Chinese-Style Modernization, released by the Chinese Academy of International Trade and Economic Cooperation of the Ministry of Commerce, indicates that the investment returns of multinationals in China serve as a key contributor to their overall performance. A report by the American Chamber of Commerce in China titled 2024 China Business Environment Survey Report shows that the Chinese market holds significant importance for American companies operating in China, with half of the member companies listing China among their top three global investment destinations, an increase of 5 percentage points compared to 2022.

Data from the Ministry of Commerce shows that in 2023, a total of 53,766 new foreign-invested enterprises were established in China, reflecting a year-on-year growth of 39.7%. From January to July this year, 31,654 new foreign-invested enterprises were set up nationwide, marking an 11.4% increase year-on-year.