Global Companies Identify Prospects and Promise in the Chinese Market
The fifth Qingdao Multinationals Summit takes place from August 27th to 29th in Qingdao, located in the eastern Shandong Province of China, and features over 500 participants representing more than 450 multinational corporations.
TroibNews 
The fifth Qingdao Multinationals Summit is taking place from August 27 to 29 in Qingdao, located in China's Shandong Province. This year, the summit has attracted over 500 participants from more than 450 multinational corporations, with 99 of those multinationals attending for the first time. Notably, the event has also seen a record number of global CEOs.
Throughout the summit, 163 projects were signed, comprising 121 investment projects amounting to $12.9 billion and 42 trade projects with a total contract value of $40.4 billion.
Entrepreneurs at the event conveyed their commitment to expanding further into the Chinese market, expressing a desire to collaborate with Chinese partners for a united and prosperous future.
"China to become the source of drug innovation as the medical market grows," said Leon Wang, executive vice president of British biopharmaceutical company AstraZeneca, in an interview with CN. The company has announced an additional investment in its Qingdao production and supply base, raising its total investment to $750 million.
"Chinese companies are becoming more internationally competitive," said Vincent Yan, China CEO at Ajlan & Bros Holding Group, during an interview with CN. He noted that Saudi Arabia has emerged as a primary destination for the global expansion of Chinese enterprises.
Yasser M. Mufti, executive vice president of the Saudi Arabian Oil Company (Saudi Aramco), stated, "China's remarkable achievements and economic transformation are influencing the world. We see the long-term growth potential of China, which is why we continue to increase our investments."
A report released at the summit by the Chinese Academy of International Trade and Economic Cooperation, part of the Ministry of Commerce, highlighted that multinationals are key players in China's development, significant supporters of the country's high-quality development goals, and crucial connectors within global industrial and supply chains.
According to the report, multinational companies have reaped benefits from their operations in China, including increased profit margins, enhanced cost structures, and optimized resource allocation.
Data from the Ministry of Commerce indicates that 53,766 foreign-invested enterprises were established in China in 2023, marking a year-on-year increase of 39.7 percent. There has been no indication of a slowdown in investment; 31,654 new enterprises were established from January to July this year, reflecting an 11.4 percent year-on-year rise.
(With input from Xinhua)
Rohan Mehta contributed to this report for TROIB News
Throughout the summit, 163 projects were signed, comprising 121 investment projects amounting to $12.9 billion and 42 trade projects with a total contract value of $40.4 billion.
Entrepreneurs at the event conveyed their commitment to expanding further into the Chinese market, expressing a desire to collaborate with Chinese partners for a united and prosperous future.
"China to become the source of drug innovation as the medical market grows," said Leon Wang, executive vice president of British biopharmaceutical company AstraZeneca, in an interview with CN. The company has announced an additional investment in its Qingdao production and supply base, raising its total investment to $750 million.
"Chinese companies are becoming more internationally competitive," said Vincent Yan, China CEO at Ajlan & Bros Holding Group, during an interview with CN. He noted that Saudi Arabia has emerged as a primary destination for the global expansion of Chinese enterprises.
Yasser M. Mufti, executive vice president of the Saudi Arabian Oil Company (Saudi Aramco), stated, "China's remarkable achievements and economic transformation are influencing the world. We see the long-term growth potential of China, which is why we continue to increase our investments."
A report released at the summit by the Chinese Academy of International Trade and Economic Cooperation, part of the Ministry of Commerce, highlighted that multinationals are key players in China's development, significant supporters of the country's high-quality development goals, and crucial connectors within global industrial and supply chains.
According to the report, multinational companies have reaped benefits from their operations in China, including increased profit margins, enhanced cost structures, and optimized resource allocation.
Data from the Ministry of Commerce indicates that 53,766 foreign-invested enterprises were established in China in 2023, marking a year-on-year increase of 39.7 percent. There has been no indication of a slowdown in investment; 31,654 new enterprises were established from January to July this year, reflecting an 11.4 percent year-on-year rise.
(With input from Xinhua)
Rohan Mehta contributed to this report for TROIB News
