The Fifth Qingdao Multinationals Summit Binzhou Special Promotion event was held in Qingdao, a coastal city in East China's Shandong province, on Aug 28 to promote Binzhou, Shandong, as a sound investment destination, gathering over 100 entrepreneurs from Fortune Global 500 and China's Top 500 enterprises as well as leading industrial companies.

The Fifth Qingdao Multinationals Summit Binzhou Special Promotion event takes place in Qingdao, Shandong province, on Aug 28. [Photo provided to chinadaily.com.cn] 

During the event, agreements on 54 projects were signed on-site, with a total investment of 51.4 billion yuan ($7.2 billion) and covering key development areas in Binzhou such as high-end equipment manufacturing, new materials, food and health, modern logistics, modern agriculture, and cultural tourism.

Addressing the event, Ma Jiantang, a member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference, said that Binzhou should further open up and enhance comprehensive cooperation with multinational companies to foster new quality productive forces and create a conducive business environment.

Peng Sen, president of the China Society of Economic Reform, expressed the hope that Binzhou would continue to pioneer reforms that can be replicated across the country.

Song Yongxiang, secretary of the Communist Party of China Binzhou Municipal Committee, delivered the keynote speech at the event. He said that the city aims to propel the high-end transformation of traditional industries, scale up emerging industries, increase the level of specialization among industrial parks, and synergize future industries.

Binzhou is committed to further opening up and will provide proactive, attentive, and efficient services to business entities and create a market-oriented, law-based, world-class business environment, he added.

The Fifth Qingdao Multinationals Summit Binzhou Special Promotion event takes place in Qingdao, Shandong province, on Aug 28. [Photo provided to chinadaily.com.cn]