The 3rd Qingdao Multinationals Summit, jointly organized by China’s Ministry of Commerce and the Shandong Provincial Government, was held in Qingdao, Shandong province on June 19, 2022.
With a focus on collaborative efforts between multinational firms and Chinese businesses and organizations to further open up the Chinese market, this year’s summit was designed to inject new vitality into both the Chinese as well as the world’s economy by creating a new development model through dialogs leading to new and expanded collaborations between all parties involved.
The event brought together top management executives from 186 Fortune 500 companies and another 290 key businesses worldwide, ambassadors from many countries, and experts from international organizations and business associations. Over 5,600 guests attended the summit held in a hybrid online and offline format.
The summit provided a platform for discussions and exchanges between top management executives from multinational firms touching on several topics, including the reconstruction of global supply chains, the implementation of the Regional Comprehensive Economic Partnership (RCEP) Agreement and the achievement of carbon neutrality.
Currently, the global supply chain system is being reshaped at an accelerated pace given the impact of increased protectionism and the Covid-19 pandemic, among others. Multinational firms still have confidence in the Chinese market and are willing to invest despite the fact that the role of China in the global supply chain system is changing as a result of the weakening of the market’s advantages in costs and mass production.
China plans to boost its economic growth while continuing to implement epidemic prevention and control measures. By doing so, the Chinese government aims to continue trade and investment liberalization by further relaxing market access and promoting fair competition, with the ultimate goal of creating a market-oriented and law-based international business environment.
With the further opening-up of the Chinese market, coupled with a more favorable business environment that can be expected to bring more opportunities, companies outside China are welcome to invest, establish a presence or expand an existence presence so that they can benefit from an economy that continues to grow.