Shandong boosts efforts to attract, utilize foreign investment

(| Updated : 2023-03-10

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China will further its efforts to attract and utilize more foreign investment this year, as outlined in the Government Work Report submitted to the national legislature for deliberation on March 5.

Legislators and political advisers from Shandong province believe that this demonstrates China's unswerving determination to open wider to the outside world at a high level. They suggested that Shandong should shoulder the responsibility to further integrate into the global economy and attract more foreign investment.

Yantai, a coastal city in Shandong, has been working hard to create a better business environment for foreign companies in recent years. The city now is home to more than 4,300 foreign-invested enterprises, over 100 of which are invested in by Fortune Global 500 companies.


Uploaded containers are seen at Qingdao Port in Shandong province on Jan 9, 2023. [Photo/VCG]

The city has built a "one-stop" service system for foreign investment. Relying on open carriers, such as free trade zones and comprehensive protected zones, it is the first city in China to offer mixed bond business, said Zheng Deyan, mayor of Yantai. It has been awarded as a gold medal city in China's investment environment by the World Bank.

"The service industry has become China's main engine to attract foreign investment. This will give full play to the country's super-large market advantage and accelerate the construction of a modern economy with international competitiveness," Zheng said.

Zheng said that Yantai will continue to implement the negative list for market access, focus on opening up the modern service sector, and build itself into a high-quality service outsourcing model city.


A robot assembles auto parts at a workshop in Qingdao, East China's Shandong province on Jan 30, 2023. [Photo/VCG]

In recent years, Shandong province has been working to further deepen reforms to streamline administration and delegate power, as well as improve regulation and upgrade services to create a market-oriented, law-based, and internationalized business environment.

In 2022, Shandong's actual utilization of foreign investment totalled $22.87 billion, up 6.3 percent year-on-year.

This year, the province will continue to introduce new measures that ensure a more transparent and favorable market environment for foreign companies, said local officials.