Shandong promotes all-round improvements of an open economy

(| Updated : 2022-06-16

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Visitors inspect new models displayed at an auto show held in Jinan, Shandong province, during June 9-13. CHINA DAILY

In recent years, Shandong province has been ramping up efforts to promote the all-round improvements of an open economy and attract more investment from Fortune 500 companies.

In 2021, the actual use of foreign investment in Shandong exceeded $20 billion for the first time, accounting for 12.4 percent of the national total, thanks to a series of major business promotional events held in Shandong and the continuous optimization of the investment environment.

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

Shandong is constantly promoting opening-up at a higher level and promoting high-quality development of an open economy, according to local authorities.

The province has hosted two editions of the Qingdao Multinationals Summit, such as the "Connecting Shandong with Fortune Global 500" series of events as well as other high-level summits to promote cooperation with Fortune 500 companies.

Last year, the province signed a total of 311 key foreign investment projects in major economic and trade activities, with a total investment of $35.12 billion, and a total contracted foreign investment of $13.03 billion.

The province has also launched a slew of measures and policies to promote the smooth implementation of foreign-invested projects. Special working teams have been set up to solve enterprise problems regarding project construction, raw material supply, worker recruitment and other issues.