5th Qingdao Multinationals Summit set to open on Aug. 27

BEIJING, Aug. 16 -- The fifth Qingdao Multinationals Summit will be convened from Aug. 27 to 29 in Shandong Province, continuing its established "Multinational Corporations and China" theme.

The summit will feature a slate of events, including an opening ceremony, a multinationals exchange conference, a closed-door policy meeting organized by various ministries and commissions, special promotional events for the Shanghai Cooperation Organization demonstration area, and showcase activities for the guest province, Li Yongjie, deputy international trade representative of China's Ministry of Commerce, told a press conference on Friday.

Song Junji, vice governor of Shandong, highlighted four salient features of the summit: policy commitment, partner network expansion, innovation vitality and targeted investment.

Song said that 473 representatives of multinational corporations have confirmed their participation to date, with 95 newcomers accounting for 20 percent of that figure. Notably, it also includes a record-high number of global CEOs, with 18 set to attend.

Since its inception in 2019, the summit has served as an important platform for dialogue, exchange and practical cooperation between China and multinational corporations.

The fourth summit, held last year, saw agreements reached for 194 foreign investment projects with an approximate total investment of 20.6 billion U.S. dollars, surpassing previous summits in investment scale. A total of 389 foreign investment projects were inked during the first four summits, with a combined investment of 48.02 billion U.S. dollars.

Shandong, a forerunner in China's opening-up, boasts remarkable advantages in high-level international cooperation. For 12 consecutive years, Qingdao has ranked among the most attractive Chinese cities for foreign talent. And over the past four summits, the city secured 49 projects with multinational corporations, totaling 9.85 billion U.S. dollars in investment.