From August 27 to 29, the fifth Qingdao Summit of Multinational Company Leaders was held in Qingdao, Shandong. More than 500 guests from more than 450 multinational companies gathered at the summit, and the number of global presidents attending was the largest ever.

The theme of the summit is "Multinational Corporations and China", focusing on cooperation between multinational corporations and China, and declaring China's determination to expand opening up to a higher level.

This is the opening ceremony of the 5th Qingdao Summit of Multinational Company Leaders (photo taken on August 28, 2024). Photo by Xinhua Agency reporter Li Ziheng

On October 19, 2019, President Xi Jinping sent a congratulatory letter to the first Qingdao Summit of Multinational Company Leaders, pointing out that "In the historical process of China's more than 40 years of reform and opening up, multinational companies have played a positive role as important participants, witnesses and beneficiaries." Role "China's door to opening up will only open wider and wider, the business environment will only get better and better, and more opportunities will be created for global multinational companies."

Many heads of multinational companies participating in the meeting said that multinational companies continue to increase their investment in China, demonstrating their confidence in China's development. China continues to promote high-quality development and breeds new market space and investment opportunities. We look forward to working hand in hand with China to jointly write a new chapter of cooperation.

Foreign businessmen increase capital and expand production-China's vast market is irreplaceable

On August 28, biopharmaceutical company AstraZeneca announced at the summit that it had signed a strategic cooperation framework agreement with the Qingdao High-tech Industrial Development Zone Management Committee, which will further increase the capital of AstraZeneca Qingdao Inhalation Aerosol Production and Supply Base Project. The cumulative investment increased to US$750 million.

At present, AstraZeneca has invested more than US$2 billion in China. At the opening ceremony of the summit, AstraZeneca Global Executive Vice President, Chairman of International Business and China President Wang Lei expressed his unchanging confidence in China's ultra-large market.

Wang Lei, Global Executive Vice President, Chairman of International Business and China President of AstraZeneca, delivered a speech at the summit (photo taken on August 28, 2024). Photo by Xinhua Agency reporter Li Ziheng

AstraZeneca's "oversize" investment in China is not an isolated example. Based on the resilience and confidence in the sustainable development of China's economy, foreign investment in China continues to make steady progress. Data from the Ministry of Commerce shows that in 2023, 53766 new foreign-invested enterprises will be established across the country, a year-on-year increase of 39.7%. From January to July this year, 31654 new foreign-invested enterprises were established across the country, a year-on-year increase of 11.4%; the actual amount of foreign investment used was 539.47 billion yuan.

Alstom, a French rail transit company that participated in the summit for the first time, saw huge incremental space in the Chinese market, especially in fields such as technological innovation and green and intelligent integration. "Alstom will make full use of the rich application scenarios provided by China's large market and continue to develop and promote green intelligent transportation solutions." said Geng Ming, president of Alstom China.

Since the beginning of this year, a large number of multinational companies have expanded their business in China. Apple announced the expansion of its applied research laboratory in China to support product manufacturing; the joint venture between Mercedes-Benz (China) Investment Co., Ltd. and BMW Brilliance Automotive Co., Ltd. has officially settled in Chaoyang District, Beijing City and will operate in the Chinese market. Super charging network; the "Kimberley Nanjing Factory Phase III Capacity Expansion Project" invested and constructed by Kimberley (Nanjing) Nursing Products Co., Ltd. was officially launched in Nanjing City Jiangning Development Zone...

On April 25, 2024, at the 2024 Beijing Auto Show held at the Shunyi Hall of the China International Exhibition Center in Beijing, Tang Shikai, a member of the board of directors of Mercedes-Benz Group Co., Ltd., introduced the Mercedes-Benz pure electric G-Class off-road vehicle. Photo by Xinhua Agency reporter Cai Yang

The "2023/24 Business Confidence Survey Report" released by the German Chamber of Commerce in China shows that more than half of the German companies surveyed plan to increase investment in China in the next two years, and 91% of the German companies surveyed said they will continue to take root in the Chinese market. The 2024 Global Foreign Direct Investment Confidence Index report released by world-renowned management consulting firm Kearney raised China's ranking from 7th last year to 3rd, ranking first in the special ranking of emerging markets.

This is the roll-off ceremony of BMW Brilliance's 6 millionth vehicle taken at BMW's Shenyang production base on May 8, 2024. Photo by Xinhua Agency reporter Pan Yulong

Data from the State Administration of Foreign Exchange shows that in the first half of this year, the net increase in foreign investment in domestic bonds was close to US$80 billion, the second highest value in the same period in history. Foreign investors are still more enthusiastic about allocating RMB assets. In July, a net increase in foreign investment in domestic bonds was US$20 billion, a month-on-month increase of 1.4 times.

The government escorts development-the business environment is increasingly optimized

The Chinese government attaches great importance to multinational companies 'investment and development in China, and has always focused on building a market-oriented, legal and international first-class business environment to help multinational companies develop better.

Deng Baishi, a global business information service provider, entered China in 1981. Wu Guangyu, president of the company's China region, believes that China's service-oriented government has achieved remarkable results and created good development conditions and opportunities for multinational companies. "For example, in terms of institutional guarantees, various laws, regulations and systems are becoming more and more clear. It is very important for us to know what we can do, what we cannot do, and how to do it." Wu Guangyu said.

On August 28, 2024, several volunteers passed by the background wall of the fifth Qingdao Summit of Multinational Company Leaders. Photo by Xinhua Agency reporter Li Ziheng

In August 2023, the State Council issued the "Opinions on Further Optimizing the Foreign Investment Environment and Increasing Efforts to Attract Foreign Investment." In February 2024, the General Office of the State Council issued the "Action Plan for Solidly Promoting High-level Opening to the Outside World and Making Greater Efforts to Attract and Utilize Foreign Investment." Local governments have also continued to introduce and implement policies and measures. For example, Guangdong Province issued the "Regulations on the Protection of Foreign Investment Rights and Interests in Guangdong Province" and "Special Implementation Plan for Guangdong Province to Further Increase Attracting and Utilizing Foreign Investment"... A series of pragmatic measures have given multinational companies "reassurance" to their firm development in China.

The reporter learned from the opening ceremony of the summit that China is accelerating the introduction of supporting measures such as cross-border data flow and facilitating foreign personnel to come to China. As various policies are implemented and effective, China's business environment will continue to be optimized, creating a more predictable investment environment for multinational companies and effectively consolidating their confidence in developing in China.

On August 28, 2024, participants exchanged during the tea break at the 5th Qingdao Summit of Multinational Company Leaders. Photo by Xinhua Agency reporter Li Ziheng

Japan's Mizuho Financial Group established a representative office in Beijing in 1981. The continuous optimization of China's business environment has injected a "booster" into its more than 40 years of development in China. "Not long ago, Shandong held a government-enterprise dialogue meeting on optimizing the business environment for Japanese-funded enterprises, and responded promptly to questions raised by enterprises. We look forward to continuing to adopt similar measures in the future and listening to the voices of local Japanese companies." said Seiji Imai, chairman of Mizuho Financial Group of Japan.

Honeywell, a global high-tech company headquartered in the United States, entered China in 1935. "The services of various functional departments across China have left a deep impression on multinational companies." Yu Feng, President of Honeywell China, said that the Chinese government has issued a series of policies to effectively protect and support the development of multinational companies in China.

Wang Wentao, Secretary of the Party Leadership Group and Minister of the Ministry of Commerce, said in a video speech at the opening ceremony of the summit that China will further relax foreign investment market access, and restrictions on foreign investment access in manufacturing will be "cleared" soon. In the next step, we will continue to promote the reasonable reduction of the negative list for foreign investment access and promptly promote the opening up of telecommunications, education, medical and other service fields. Further strengthen service guarantees and ensure the national treatment of foreign-funded enterprises in terms of factor acquisition, qualification licensing, standard formulation, government procurement, etc.

Seize opportunities together-work together to create a better future

This year is the 46th year that Japan's Matsushita Electric has entered the Chinese market. Panasonic is closely following the pace of China's industrial upgrading and consumption upgrading, and its core business in China has gradually been upgraded to three major sectors: "Healthy Smart Living Space","New Energy Vehicle Parts" and "Intelligent Manufacturing".

Zhao Bingdi, president of Matsushita Electric (China) Co., Ltd., said,"We have been paying attention to China's reform and innovation in new generation information technology, new energy vehicles and supply chains, and look forward to cooperating with Chinese companies in these fields to enhance our competitiveness."

In the eyes of many multinational companies, China is currently entering a new stage of development, and a series of major decisions and arrangements have brought new development opportunities to multinational companies.

On August 28, 2024, participants communicated outside the venue of the 5th Qingdao Summit of Multinational Company Leaders. Photo by Xinhua Agency reporter Li Ziheng

Since establishing its first food factory in Qingdao in 1994, South Korea's CJ Group has invested a total of 20 billion yuan in China, including food, biology, logistics, etc. Sun Jingzhi, president of CJ Group, believes that as China continues to expand its high-level opening up to the outside world, the connection between China's economy and the global economy will continue to strengthen, providing a broader stage for multinational companies.

Yu Zirong, deputy director of the Institute of International Trade and Economic Cooperation of the Ministry of Commerce, suggested that multinational companies focus on new productivity and increase investment levels and future industries such as new generation information technology, artificial intelligence, biomedicine, high-end equipment, new energy and new materials, and actively participate in the construction of China's modern industrial system. At the same time, seize the opportunity of green transformation, actively participate in the energy-saving and carbon-reduction transformation of China's traditional industries, and inject new momentum into China's sustainable development.

The 5th Qingdao Summit of Multinational Company Leaders set up a guest interview channel for the first time. This is a concentrated interview with some guests by the media (photo taken on August 28, 2024). Photo by Xinhua Agency reporter Li Ziheng

Italian energy company Eni Group has joined hands with Chinese partners to focus on low-carbon energy, clean energy and circular economy to jointly promote China's energy green and low-carbon transformation.

Gianni Di Giovanni, executive vice president of Eni Group and chairman of the Chinese company, said that in the future, they will actively participate in China's energy transformation and green development strategy, and provide the Chinese market with cleaner, more efficient, and more reliable energy solutions through technological innovation and model innovation.

Garrett, a turbocharger manufacturer founded in the United States, has been in China for 30 years this year and has always been committed to providing support to the Chinese automobile industry. "By working closely with the Chinese government and partners, we continue to promote innovation, improve efficiency, and build a more sustainable world. Not only do we look forward to the future together, we will also create the future together." said Mark Rodriguez, senior vice president of Garrett's global.

Written reporters: Wang Kai, Chen Guofeng, Yuan Min

Video reporters: Wang Huan, Wu Feizuo

Poster design: Qian Cheng

Coordinator: Zhang Hongsheng, Ren Zhenglai, Cao Jiangtao, Xiao Leitao