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Shandong creates business-friendly environment for mutually beneficial cooperation

·2 min read

Making a market-oriented, community-focused and law-based business climate to meet the highest global standards

QINGDAO, China, June 23, 2022 /PRNewswire/ -- The 3rd Qingdao Multinationals Summit, hosted by the Information Office of the People's Government of Shandong Province, came to a successful conclusion on June 20-21, 2022. A total of 99 foreign investment projects covering new-generation IT, renewable energies, new materials, high-end equipment manufacturing and chemical engineering, among other sectors, were signed during the summit, with a total value of US$15.6 billion, a year on year increase of 31.4%. The amount of contracted foreign capital reached US$5.31 billion.

During the summit, the local government and China's Ministry of Commerce held a symposium with multinational companies to widely solicit opinions and suggestions and discuss the possible opportunities for mutually beneficial cooperation.

Shandong Provincial Party Secretary Li Ganjie said that despite the COVID-19 pandemic having had a certain impact on investment from multinationals and other foreign companies, the fundamentals of China's economy remain unchanged with a long-term positive and resilient outlook. The province is now working to upgrade existing policies and enhance industrial and supply chains to ensure the stability of production and operations and to assure that goods produced are delivered on schedule, so that multinational companies can enjoy peace of mind while investing and expanding business in the region.

Zhou Naixiang, Shandong Provincial Deputy Party Secretary and Governor, said that the province is committed to raising the efficiency and the convenience of government services to the highest global standards, in a move to make its business-friendly environment more market-oriented, law-based and aligned with international levels for the facilitation of development and cooperation.

Sheng Qiuping, Vice Minister of Commerce, said that China has entered a new stage of development and will provide new opportunities to multinational companies by creating a new development framework, negotiating and signing free trade agreements, and facilitating a digital, green and low-carbon economy.

Thirteen representatives from multinational companies, among them, Microsoft Greater China chairman & CEO and corporate SVP Hou Yang, Panasonic Corporation global VP Tetsuro Homma, Nestle Greater China VP of Group Affairs and Sustainability Fang Juntao, Linde Greater China VP of Clean Hydrogen Energy Hu Bei, and Air Products China VP Feng Yan, put forward their ideas on deepening practical cooperation at the symposium.

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SOURCE Information Office of the People's Government of Shandong Province