As one of the country's first coastal cities to open up to the outside world, Qingdao has received investment from many Fortune Global 500 companies.

Official statistics showed that as of June this year, a total of 163 Fortune 500 companies had invested in 333 projects in Qingdao. Sixty-three of the companies were from Europe, making Qingdao the number one city in Shandong in terms of the number of European Fortune 500 companies that have invested there.

Despite the challenges posed by the COVID-19 pandemic, the city managed to attract 11 new projects from the world's top 500 enterprises in the first half of the year.

Qingdao boasts a complete and highly competitive industrial system that includes many industrial categories, making it easy for global enterprises to start business in the city.

"As early as 2011, Qingdao identified the wind power equipment industry as one of its strategic emerging industries. After years of development, the industry is now thriving," said Frank, general manager of Defontaine (Qingdao) Machinery Co.

Defontaine (Qingdao) Machinery Co [Photo/bandao.cn]

Defontaine is a wholly-owned company invested by ThyssenKrupp Group, one of the largest steering column and steering system manufacturers in the world.

The company produces wind turbines requiring high-quality precision bearings and swing support bearings.

"Thanks to increasing development momentum and an improving business environment in the Qingdao West Coast New Area, our company has been growing rapidly with a gradually expanding market share and increasing turnover," said Frank.

Air Liquide, a French multinational company that provides gases, technologies, and services for industry and health, has opened a number of plants in Qingdao since it established its first plant in the city in 1995.

Air Liquide (Qingdao) Co [Photo/bandao.cn]

In 2005, Air Liquide acquired a local gas company and invested $28.8 million in the construction of liquid air separation units, which provide high-quality nitrogen to surrounding chemical enterprises through pipelines.

Air Liquide is involved in atmospheric controlling, the deep treatment of drinking water, and more. It works with local enterprises in Qingdao.

"We currently provide medical oxygen and various medical gas solutions to 95 medical institutions in the urban area of Qingdao. Air Liquide medical gas has a more than 80-percent share of the local market, and has established long-term cooperative relations with most of the third-grade class-A level hospitals in Qingdao," said Wang Zhijian, general manager of an Air Liquide branch in Qingdao.