Multinationals see potential, opportunity in Chinese market

JINAN - The fifth Qingdao Multinationals Summit commenced on Wednesday in Qingdao, East China's Shandong province, drawing over 500 attendees from more than 450 multinational corporations to exchange insights on their experience and strategies in the Chinese market.

"China's new quality productive forces are on the rise, and we believe that multinational companies must actively engage and contribute to this growth to truly benefit," said Leon Wang, executive vice-president, international and China president of British biopharmaceutical company AstraZeneca. "We are committed to enhancing our independent research and development in China and fostering deeper cooperation to help bring China's innovations to the global stage."

AstraZeneca has announced additional investment in its Qingdao production and supply base, bringing the total to $750 million.

"AstraZeneca is in sync with China's reform and opening-up, feeling the vitality of the market, the resilience of manufacturing and the continuous improvement of its business environment. These factors bolster our confidence and create opportunities," Wang said, emphasizing that the company has invested over $1.2 billion in China in the past two years.

Many entrepreneurs expressed their resolve to further expand in the Chinese market during the event, indicating an eagerness to collaborate with Chinese partners to realize a brighter, shared future.

Kuniharu Nakamura, a special advisor at Sumitomo Corporation, said that increasing global instability and economic uncertainty have underscored the importance of extending dialogue and promoting mutual understanding, which the summit aims to facilitate.

"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," said Yasser M. Mufti, executive vice president of the Saudi Arabian Oil Company (Saudi Aramco). "We aim to be China's partner of choice."

Delegates from industries such as new-generation information technology, biomedicine, new energy and high-end equipment also expressed optimism about China's emerging industries. They said they believe that the resilience of China's economy and its high-quality development are creating new market space and investment opportunities for multinational companies.

"I have been looking forward to visiting Qingdao for five years, and I deeply appreciate the remarkable achievements made here," said Keita Ishii, president of ITOCHU Corporation. "China is leading the world in many new industries, including artificial intelligence and green energy, and we remain highly interested and expectant of China's development."

A report released during the summit by the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce indicates that multinationals are active participants in China's development, important supporters of the country's pursuit of high-quality development, and key links in its deep integration into global industrial and supply chains.

Multinational companies have also benefited from increased profit margins, improved cost structures and optimized resource allocation through their operations in China, according to the report.

Data from the Ministry of Commerce shows that 53,766 foreign-invested enterprises were established in China in 2023, up 39.7 percent year-on-year. And another 31,654 were established from January to July this year, an 11.4 percent year-on-year increase.