Cao Yang, vice-president of Baker Hughes and president of Baker Hughes China. [Photo provided to chinadaily.com.cn]

The 4th Qingdao Multinationals Summit (QMS) will be held in Qingdao, Shandong province from Oct 10 to 12.

During an interview with China Daily website, Cao Yang, vice-president of Baker Hughes and president of Baker Hughes China, said that the QMS serves as a platform to showcase the dedication and confidence that Shandong firms have in achieving high-quality opening-up.

Following their involvement in the second and third QMS, Baker Hughes has been working on building a global supply chain system. Over the last three years, Baker Hughes has procured raw materials and components worth nearly $200 million from Shandong.

During the interview, Cao highlighted Baker Hughes' 44-year commitment to the development of China's energy industry, exemplified by their provision of 150 compressor sets for the West-East Gas Transmission Project.

Baker Hughes has maintained double-digit growth in its Chinese business, added Cao.

He also spoke about the evolving government market in China over the past decade, stating that this shift has led to a new type of government-business interaction. In this evolving landscape, Baker Hughes has been supporting Chinese enterprises in expanding into global markets.

Cao said that Baker Hughes is looking forward to the QMS becoming a valuable platform for multinational companies to invest in China, contributing to the reinforcement of Shandong's supply chain system, and expanding its network in the region.

Baker Hughes is also eager to foster extensive and in-depth collaborations with companies in Shandong province that are related to the energy transition and marine industries.