Containers are unloaded at Qingdao Port in Shandong province in March. [Photo by Yu Fangping/For China Daily]

Shandong, the host province of the Qingdao Multinationals Summit, is an economic powerhouse on China's east coast. It has been ramping up efforts to further reform and opening-up, and utilize policies to facilitate cooperation with foreign companies.

In 2021, 33 Fortune 500 companies invested in 69 projects in Shandong, including 49 newly-added enterprises and 20 capital-increased enterprises. Five top Fortune 500 companies invested in Shandong for the first time in 2021.

In 2021, the actual use of foreign capital in Shandong reached $21.52 billion, a year-on-year increase of 21.9 percent.

Foreign investment in Shandong has also increased. In 2021, the actually utilized foreign direct investment in the manufacturing sector reached $6.54 billion, up 72.9 percent year-on-year. The high-tech manufacturing industry actually utilized foreign direct investment of $1.39 billion, up 38.9 percent.

The actual utilized foreign direct investment in computer and office equipment manufacturing, electronic communication equipment manufacturing and medical instrument manufacturing increased by 291.2 percent, 163.4 percent and 22.3 percent, respectively.

The actually utilized foreign direct investment in the service sector reached $13.03 billion, up 4.7 percent.

Investment from major sources of foreign investment grew steadily in 2021. Singapore invested $1.49 billion, up 46.8 percent, Japan and South Korea invested a combined total of $1.82 billion, up 52.4 percent, RCEP countries invested $3.47 billion, up 47.9 percent, and countnries and regions involved in the Belt and Road Initiative invested $1.63 billion, up 51.9 percent.

Investment in different Shandong regions has become more balanced. For example, the Jiaodong Economic Circle, which consists of Qingdao, Yantai, Weifang, Weihai, and Rizhao, actually utilized foreign direct investment of $12.11 billion, up 9.7 percent.

The Provincial Capital Economic Circle, which includes the cities of Jinan, Zibo, Dongying, Tai'an, Dezhou, Liaocheng, and Binzhou, actually utilized foreign direct investment of $5.95 billion, up 39.5 percent.

The South Shandong Economic Circle, which incorporates Zaozhuang, Jining, Linyi, and Heze, actually utilized foreign direct investment of $3.45 billion, up 47.7 percent.