The opening ceremony of the fifth Qingdao Multinationals Summit kicks off in Qingdao, Shandong province on Aug 28. [Photo provided to chinadaily.com.cn]

The opening ceremony of the fifth Qingdao Multinationals Summit, jointly hosted by the People's Government of Shandong Province and the Ministry of Commerce, kicked off in Qingdao, Shandong province, on Aug 28, bringing together more than 800 guests including government officials, executives of multinational companies (MNCs), and industry experts.

During the event, the report Multinationals in China: Sharing New Opportunities of Chinese Modernization was released. The report comprehensively elaborates on the significant contributions of MNCs to the development of China, deeply analyzes the new opportunities inherent in Chinese-style modernization, and provides strong reference value for MNCs investing in China.

Zhang Qingwei, vice-chairman of the Standing Committee of the National People's Congress, said in his address at the opening ceremony that MNCs are powerful drivers of economic globalization and important forces in promoting the construction of an open world economy. He also said that at this new historical junction, the committee hopes to enhance mutual trust with MNCs, share new opportunities such as the construction of a unified market, the development of new quality productive forces, comprehensive green transformation, and institutional openness, aiming to create a new chapter of cooperation between China and MNCs.

Zhang further expressed his hope that Shandong will strive to build a new, more open economic system. He also welcomed guests from home and abroad to make good use of the summit platform, strengthen communication and exchanges, promote practical cooperation, and work hand in hand with China for mutual development and win-win outcomes.

Keita Ishii, president and chief operating officer of Japan's Itochu Corporation, said at the opening ceremony that Qingdao has already attracted more than 400 MNCs. As early as 1988, Itochu Corporation established an office in Shandong, and in 1994 it set up Itochu Qingdao Co Ltd. Around 1988, Itochu Corporation began business cooperation with Shandong in various fields, such as fibers, metals, logistics, chemicals, and food. Itochu Corporation has established a cooperative enterprise with Shandong Port Group, jointly operating international circulation nodes such as iron ore and coal mines and working to expand its commercial presence.

The fifth Qingdao Multinationals Summit brings together more than 800 guests including government officials, executives of MNCs, and industry experts. [Photo by Liu Chuan/for chinadaily.com.cn]

Sohn Kyung-shik, chairman of the South Korean CJ Group, stated that China is one of CJ Group's most important global markets. Since establishing a food factory in Qingdao, Shandong province in 1994, CJ has been dedicated to expanding its business in China.

Shandong province is a core area of focus for CJ Group in China, with investments totaling 9 billion yuan ($1.26 billion). It operates various businesses in the province, involving food, biotechnology, logistics, and cinemas. The company aims to continue expanding its food, biotech, and cultural businesses in the province, hoping to grow with Shandong and make continuous contributions to its economic development.

"Over the past two years, we have continuously increased our investment in manufacturing in China. In the last two years alone, we have invested over $1.2 billion to establish production and supply bases in the country. The most significant investments include the construction of a global production and supply base for inhalable aerosols in Qingdao. AstraZeneca, a UK company, will further increase its investment in the Qingdao production and supply base, bringing the total cumulative investment to $750 million," said Wang Lei, global executive vice-president of AstraZeneca and president of its China branch.

Wang added that due to the favorable business environment in Shandong and Qingdao, as well as top-notch government services, AstraZeneca developed rapidly in Shandong.

Running until Aug 29, the fifth Qingdao Multinationals Summit features 140 Fortune Global 500 companies, 311 industry-leading enterprises, and 99 MNCs participating for the first time.

Shandong products on display at the ongoing fifth Qingdao Multinationals Summit have garnered significant attention from both domestic and international visitors. [Photo by Hou Chengze/for chinadaily.com.cn]