According to a news conference held by the State Council Information Office on Aug 16, the fifth Qingdao Multinationals Summit will be held in Qingdao, a coastal city in East China's Shandong, from Aug 27 to 29.

Shandong has emerged as a highly attractive destination for foreign investment thanks to its robust economic growth and comprehensive industrial base.

In 2023, Shandong achieved a remarkable feat when its retail sales of consumer goods totaled 3.6 trillion yuan ($503.9 billion), the third-highest in the nation. Moreover, Shandong boasts a remarkably complete industrial system, encompassing all 41 major industrial categories and ranking among the top three provinces in China in the production of over 100 key products. The province's investment demand remains strong, with fixed asset investment growing by 4.9 percent in the first half of 2024.

These strengths have instilled confidence and provided a solid foundation for Shandong's collaboration with multinational corporations. To date, 236 Fortune 500 companies have invested in 934 projects in Shandong.

Looking ahead, Shandong is committed to accelerating the transformation and upgrading of traditional industries, fostering the growth of emerging industries, and laying the groundwork for future industries. The province will actively promote cooperation opportunities and conduct targeted investment promotion to attract multinational corporations, supporting them in establishing green and intelligent factories.

Shandong will also expand investment cooperation in new areas, with a particular focus on manufacturing, telecommunications, and healthcare. The province will accelerate the progress of key projects such as equity investment and mergers and acquisitions, and support multinational companies in the financial services, accounting, legal, and design consulting sectors to expand their operations in Shandong.

To further elevate trade cooperation, Shandong will leverage trade agreements such as the Regional Comprehensive Economic Partnership (RCEP). By sharing the benefits of rules and market access with multinational corporations, Shandong aims to bring more high-quality products and services to the people.