Multinationals are optimistic, see potential and opportunity in Chinese market

The fifth Qingdao Multinationals Summit is held from August 27 to 29 in Qingdao, east China's Shandong Province. This year, it has drawn over 500 attendees from more than 450 multinational corporations. Furthermore, 99 multinationals are participating for the first time with the number of global CEOs also hitting a record high.

During the summit, a total of 163 projects were signed, including 121 investment projects with an investment of $12.9 billion and 42 trade projects with a contract value of $40.4 billion.

Many entrepreneurs expressed their resolve to further expand in the Chinese market during the event, indicating an eagerness to collaborate with Chinese partners to realize an even brighter, shared future.

China to become the source of drug innovation as the medical market grows, said Leon Wang, executive vice president of British biopharmaceutical company AstraZeneca in an interview with CGTN.

AstraZeneca has announced additional investment in its Qingdao production and supply base, bringing the total so far to $750 million.

Chinese companies are becoming more internationally competitive, said Vincent Yan, China CEO at Ajlan & Bros Holding Group, in an interview with CGTN. He added that Saudi Arabia has been one of the main destinations for Chinese companies' global expansion.

China's remarkable achievements and economic transformation are influencing the world. We see the long-term growth potential of China, which is why we continue to increase our investments, said Yasser M. Mufti, executive vice president of the Saudi Arabian Oil Company (Saudi Aramco).

A report released during the summit by the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce indicates that multinationals are active participants in China's development, important supporters of the country's pursuit of high-quality development, and key links in its deep integration into global industrial and supply chains.

Multinational companies have benefited from increased profit margins, improved cost structures and optimized resource allocation through their operations in China, according to the report.

Data from the Ministry of Commerce shows that 53,766 foreign-invested enterprises were established in China in 2023, up 39.7 percent year on year. With no signs of investment reducing, 31,654 were established from January to July this year, an 11.4 percent year-on-year increase. 

(With input from Xinhua)