The province of Shandong has been ramping up efforts to create a world-class business environment, a fair market and an optimized industrial structure to attract more Fortune Global 500 companies.

According to official data, 219 Fortune Global 500 companies have invested in 785 enterprises in Shandong up to now. 

Of these enterprises, 511 are still in operation, while 101 of them increased their investments in Shandong during the 13th Five-Year Plan (2016-2020) period. In 2019, 336 of them made profits.

Weichai Group's acquisition of Linde Hydraulics allows it to expand into the hydraulic power sector. Weichai is one of the key enterprises supported by Weifang Hi-Tech Industrial Development Zone. [Photo provided to chinadaily.com.cn]

Last year, the 511 enterprises paid 14.26 billion yuan ($2.06 billion) in taxes, accounting for 6.9 percent of the total tax paid by foreign-invested enterprises in Shandong. These enterprises also generated 49.64 billion yuan in exports, accounting for 8 percent of the total export amount of foreign-invested enterprises in Shandong.

Five of them were listed among the top ten enterprises in Shandong in terms of export volume. Foxconn Precision Electronics Yantai Co Ltd was ranked first in export volume in Shandong.

Fortune Global 500 companies have played an important, influential role in economic and social development as they have brought new technologies, new industries, new forms of business and new models, said Shandong authorities.

"We hope that more Fortune Global 500 companies will go to the service economy, advanced manufacturing, and high-tech sector, and that more regional headquarters and R&D centers will be established in Shandong," said a Shandong official.