The Qingdao Multinationals Summit not only facilitates in-depth exchanges between multinational companies and China, but also demonstrates China's sincere commitment to opening up to the world.

"The summit allows us to communicate with leaders of multinationals and engage with industry experts and visionaries," said Markel Hübinette, global vice-president and president of China operations for ConocoPhillips.

He noted that the summit gave him a clear understanding of China's commitment to high-level opening-up and its determination to foster better collaboration between international and local Chinese companies.

The summit enabled multinationals to engage in face-to-face discussions with the Chinese government and businesses, leading to numerous collaborative projects. The first four summits attracted more than 400 Fortune Global 500 companies and over 900 leading industry companies from more than 80 countries and regions, resulting in the negotiation and signing of 471 key projects with a total investment of $56.9 billion.

This year, the scale of the QMS expanded further with a total of 451 multinationals attending, including 99 participating for the first time. The focus of this summit was on more precise cooperation, particularly targeting 11 industrial value-chains in Shandong for investment promotion as well as signing several trade-related projects.

The summit also showcased China's strong development in new sectors.

"We are exploring new opportunities in fields like new energy and smart, healthy living spaces. We hope to gain something valuable through this summit platform," said Zhao Bingdi, president of Panasonic China.

Xu Renqing, vice-president of Dun & Bradstreet China, said: "We felt the sincerity and patience of the government departments in listening to the needs of businesses, which strengthened our confidence in further investing and developing in China."