Contracts Signed to bring in USD11.85 billion in New Investment to Shandong

The 2nd Qingdao Multinationals Summit, jointly hosted by the Ministry of Commerce of China and the People's Government of Shandong Province from July 15 to July 16, featured 28 events across 12 categories, attracting 390 Fortune 500 companies and 517 firms considered leaders in their respective industries.

At the summit, 96 foreign investment projects were signed, calling for a total investment of USD11.85 billion and contracted foreign investment of USD5.02 billion.

The projects cover high-end equipment manufacturing, new-generation information technology, renewable energies and materials, medical and health care equipment and services, modern and efficient agriculture, cultural creativity and modern marine industries, and involve multinational companies from more than 20 countries, including Toyota (Japan), Aeon (Japan), Hyundai Heavy Industries (South Korea), CJ (South Korea), Wilmar International (Singapore), Tyson Foods Inc. (US), Linde (Germany), and Louis Dreyfus (Netherlands), the Information Office of the People's Government of Shandong Province shared in a press release.

Wang Shujian, member of the Standing Committee of the CPC Shandong Provincial Committee and executive vice governor of Shandong Province, said in his speech that multinational companies have always been important participants, witnesses and beneficiaries of Shandong's opening up and development policies. The Province is making every effort to facilitate the establishment of a pilot zone for local economic and trade cooperation under the Regional Comprehensive Economic Partnership (RCEP) agreement as well as a demonstration zone for local economic and trade cooperation among China, Japan and the South Korea. In both cases, the province is making sure that the pilot free trade zone will be in full compliance with higher international economic and trade standards and rules. Shandong has been making it easier to conduct cross-border trade by overhauling customs clearance, tax rebate and foreign exchange processes, in tandem with the launch of a series of policies and measures such as fast-track examination, confirmation and enforcement of patent rights, in a move to do away with the bottlenecks that have hobbled the business growth in the province due to a list- and catalog-based policy system.

Shandong Province has excellent deepwater ports, well-established industry chains, broad reach into China's inland markets, and the most seasoned line-up of industry veterans in charge of its manufacturing resources. The province's business environment, from the viewpoint of both soft and hard advantages, ranks among the best in China.