Qingdao, China (ots/PRNewswire) – The 3rd Qingdao Multinational Enterprises Summit, jointly organized by China’s Ministry of Commerce and Shandong Provincial Government, was held in Qingdao, China’s Shandong Province, on June 19, 2022.
With its focus on joint efforts between multinational enterprises and Chinese enterprises and organizations to further open up the Chinese market, this year’s summit aimed to inject new vitality into both the Chinese and global economies by creating a new development model through dialogues that lead to new and expanded cooperation among all stakeholders.
The event brought together executives from 186 Fortune 500 companies and another 290 key enterprises worldwide, ambassadors from many countries, and experts from international organizations and business associations. More than 5,600 guests attended the summit, which was held in a hybrid online and offline format.
The summit provided a platform for discussions and exchanges between senior executives of multinational companies that touched on various topics, including rebuilding global supply chains, implementing the Regional Comprehensive Economic Partnership agreement (RCEP) and achieving carbon neutrality.
Currently, the global supply chain system is undergoing an accelerated transformation due to the effects of increased protectionism and the Covid 19 pandemic, among others. Multinational companies still have confidence in the Chinese market and are willing to invest, even though China’s role in the global supply chain system is changing due to the weakening of market advantages in cost and mass production.
China plans to boost its economic growth while implementing epidemic prevention and control measures. In doing so, the Chinese government aims to continue trade and investment liberalization by further relaxing market access and promoting fair competition, with the goal of creating a market-oriented and law-based international business environment.
With the further opening of China’s market, coupled with a more favorable business environment that can be expected to bring more opportunities, enterprises from outside China are welcome to invest, open a branch or expand an existence presence so that they can benefit from a further growing economy.
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