Global giants are turning their gaze to China! 🌟 The fifth Qingdao Multinationals Summit just wrapped up from August 27 to 29 in Qingdao, east China's Shandong Province. This year, over 500 attendees from more than 450 multinational corporations came together, with a whopping 99 companies joining for the first time. Record-breaking numbers of global CEOs were in town, too! 🚀
During the summit, a massive 163 projects were signed. That includes 121 investment projects worth $12.9 billion and 42 trade projects totaling a staggering $40.4 billion. 💰💼
Entrepreneurs are buzzing with excitement! Many expressed their determination to expand further into the Chinese market. The vibe? Eager collaboration with Chinese partners for a brighter, shared future. 🤝✨
\"China is set 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. AstraZeneca has pumped up its investment in its Qingdao production and supply base, bringing the total to $750 million. 💊🌱
Vincent Yan, China CEO at Ajlan & Bros Holding Group, shared his thoughts: \"Chinese companies are becoming more internationally competitive.\" He noted that Saudi Arabia has been a hot destination for Chinese companies looking to expand globally. 🌍🔥
Yasser M. Mufti, executive vice president of Saudi Aramco, highlighted China's impact: \"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.\" 🌆🌏
A report released during the summit by the Chinese Academy of International Trade and Economic Cooperation emphasized that multinationals are active participants in China's development. They're key supporters of high-quality growth and essential links in the global industrial and supply chains. 🔗🏭
These global companies have reaped the benefits of operating in China, seeing increased profit margins, better cost structures, and optimized resource allocation. 📈💡
According to the Ministry of Commerce, 53,766 foreign-invested enterprises were established in China in 2023, marking a 39.7% year-on-year increase. And the momentum isn't slowing down! From January to July this year alone, 31,654 were set up—a rise of 11.4% compared to last year. 🚀📊
Looks like China's market is the place to be! 🌟🇨🇳
Reference(s):
Multinationals see potential and opportunity in Chinese market
cgtn.com
