Qingdao summit promotes Chinese cooperation with multinationals

The two-day high-level summit for leaders from transnational corporations serves as a new platform for China to deepen mutually beneficial cooperation with multinationals, officials said. 

The first Qingdao Multinationals Summit came to an end on Oct 20 in the eastern coastal city of Qingdao, Shandong province. 

A news conference was jointly held by the Ministry of Commerce and the Shandong Provincial People’s Government to discuss the summit and its multiple related activities. 

More than 5,100 distinguished guests attended the summit, including heads of Fortune Global 500 companies, industry leaders, chiefs of the world’s leading economic organizations, eminent scholars from renowned overseas think tanks, government representatives, and foreign diplomats and consular officials in China.

Three closed-door meetings regarding the implementation of the Foreign Investment Law, customs clearance facilitation, and the protection of intellectual property rights were held by the Ministry of Commerce, the General Administration of Customs, and the China National Intellectual Property Administration to collect opinions and suggestions from participating multinationals. 

More than 30 activities, including parallel forums on Shandong’s top 10 industries, multinational corporation road shows, and promotional events for Shandong cities were also held during the summit. 

A total of 261 enterprises participated in the 2019 New Growth Drivers • Qingdao Fair. Renowned enterprises from Germany, the United States, France, Japan, and other countries, along with their counterparts in China, offered a dazzling display of advanced high-tech products including self-driving cars, smart home facilities, robot products, new energy vehicles, VR, AR, and 5G applications, which proved popular among buyers and other visitors.

As of 12 am on Oct 20, nearly 38,000 visits had been paid by professional buyers from more than 20 countries and regions.

A report on 40 years of multinational investment in China was released by the Ministry of Commerce during the summit. It says that China had established 961,000 foreign-invested enterprises by the end of 2018, with actual use of foreign capital reaching $2.1 trillion.

Although they only account for less than 3 percent of all companies in China, foreign-invested enterprises have become an important player in the Chinese economy, contributing nearly half of the country’s total foreign trade, a quarter of the total output value and profits of industrial enterprises, and a fifth of the country’s tax revenue, according to the report.

China is ready to join hands with other countries, international organizations, and various market players to increase cooperation, develop an open economy, and share a bright future, said Vice-Premier Han Zheng when addressing the opening ceremony of the summit. 

China encourages multinationals to work together to safeguard the multilateral trading system and promote economic globalization, Han said.

Nicolas Poirot, CEO of Air Liquide China, said that the summit has given him confidence that China’s policy of encouraging the use of foreign investment will remain unchanged. The country will also create a more stable, fair, and transparent investment environment for multinational companies.

“This greatly boosts our confidence in investing in China,” he said. 

A news conference is held on Oct 20 on the Qingdao Multinationals Summit and related activities. [Photo provided to chinadaily.com.cn]

Foreign buyers visit the 2019 New Growth Drivers • Qingdao Fair. [Photo provided to chinadaily.com.cn]

A special event for Shandong Heavy Industry Group is held during the Qingdao Multinationals Summit. [Photo provided to chinadaily.com.cn]