The province of Shandong will continue its efforts to promote the innovative development of trade, make better use of foreign capital, and open up more over the 14th Five-Year Plan period (2021-25), said local officials at a news conference held by the Information Office of the Shandong Provincial People's Government on March 1.

A customer browses products at the China-Japan-ROK Consumption Zone E-commerce Experience Center in Qingdao, Shandong province, on Nov 30, 2020. [Photo by Zhang Jingang/For China Daily]

During the 13th Five-Year Plan period (2016-20), foreign investment utilization in Shandong maintained steady growth, with a total of 10,270 foreign-invested enterprises being established in the province, 3,653 more than in the 12th Five-Year Plan period (2011-15), with an average annual growth rate of 15.2 percent.

Over the past five years, Shandong has used a total of $67.56 billion yuan in foreign capital, 1.9 times more than in the 12th Five-Year Plan period, with an average annual growth rate of 15 percent.

Shandong also remained a popular investment destination for Fortune 500 companies. A total of 610 new projects, each worth more than $100 million, were introduced in the province, while 61 Fortune 500 companies, including the US's Cisco and Germany's Bosch, carried out 193 construction projects there.

In the coming five years, Shandong will continue its efforts to improve its business environment, promote foreign investment, and better serve foreign investors.

It will provide foreign investors with greater market access in more sectors, shorten its foreign investment negative list, and improve institutions for investment promotion and protection and for information reporting in accordance with the central government's requirements.

In addition, the province will find its place in the "dual circulation" development model and open up its local markets to the world while also better integrating into the development of the Belt and Road Initiative. It will also seize opportunities brought about by the signing of the Regional Comprehensive Economic Partnership agreement.