Information Office of the People's Government of Shandong Province: The 3rd Qingdao Multinationals Summit signs $15.6b deals for 99 projects

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Information Office of the People's Government of Shandong Province

Jun 22, 2022, 07:04 ET

QINGDAO, China, June 22, 2022 /PRNewswire/ -- The agreements worth $15.6 billion for 99 projects were signed during the third Qingdao Multinationals Summit, hosted by Information Office of the People's Government of Shandong Province. These deals signify that China will continue to play a key role in supporting the stable operation of global supply chains, and facilitating multinationals to achieve better growth in its lucrative market.

The big-ticket projects are mainly in the fields of high-end equipment and chemicals, new energy, new materials, information technology, finance, ocean development, agriculture and services.

With global transnational investment in manufacturing shrinking, China, with its huge market and complete supply chain, has attracted MNC investments in manufacturing and made significant contributions to global economic growth in recent years, said a business report released by the Chinese Academy of International Trade and Economic Cooperation, a think tank of the Ministry of Commerce, during the summit.

The report stated that multiple factors like the rise of trade protectionism, the COVID-19 pandemic and the Russia-Ukraine conflict have reshaped the global supply chain, leading to a new round of its restructuring.

The scale of foreign investment in China's manufacturing sector has increased steadily, and MNCs' business performance also continued to improve in China, boosting their confidence to sustain or increase their investment in the country, said Gu Xueming, president of the CAITEC.

Foreign direct investment in China expanded 17.3 percent year-on-year to 564.2 billion yuan ($84.18 billion) in the first five months of 2022, while the nation saw growth rates of high-tech industries, high-tech manufacturing and high-tech services surge by 42.7 percent, 32.9 percent and 45.4 percent, respectively, according to the latest data released by the Ministry of Commerce.

Pascal Soriot, CEO of AstraZeneca, a British-Swedish biopharmaceuticals producer, said: "The COVID-19 pandemic has tested economies and societies to their limits around the world. Now more than ever before, we must work together, across industries and borders, with urgency and one shared goal, to create a healthier, stronger and more sustainable future for all."

AstraZeneca announced on Monday that it is planning to build a manufacturing and supply base, and regional headquarters, in Qingdao in the coming years.

Tao Lin, vice-president of Tesla Inc, a US electric vehicle manufacturer, said China's policies of stabilizing foreign investment and trade have generated great confidence among MNCs for future growth in the country.

SOURCE Information Office of the People's Government of Shandong Province