4th QMS sets record in promoting intl investment, cooperation

The fourth Qingdao Multinationals Summit (QMS), which took place from Oct 10 to 12 in the coastal city of Qingdao in East China's Shandong province, has yielded fruitful results in promoting international investment and cooperation.

During the summit, a slew of new cooperation projects were established with multinational companies, resulting in the negotiation and signing of 194 foreign investment projects with a total investment of $20.6 billion, setting a new record.

Based on the theme of "Multinationals and China," the summit drew executives from 422 multinationals from 36 countries and regions. Along with representatives from international organizations and governments, they gathered to discuss topics including making greater efforts to utilize foreign investment, new trends in industrial investment, and international cooperation in the digital economy.

"China remains an attractive destination for foreign investment, and one example is the influx of businesses and capital into the country," said Pedro Manuel Moreno, deputy secretary-general of the United Nations Conference on Trade and Development.

Moreno spoke highly of China's efforts to facilitate trade and said he believes China can continue to play an important role in promoting regional and multilateral investment cooperation, during an interview with China Daily.

Daniel Wussow, senior vice-president of BASF Mobile Emissions Catalysts, praised the summit as a strong platform for boosting cooperation between local businesses, multinational businesses and policy makers.

Wussow also hailed Shandong province's business environment. "There's a lot of foreign multinational investment already here in Shandong province and I assume there's more to come. For us, Shandong province is a very important market," he said.

According to the "Multinationals in China: Certainty in the Uncertain Global Investment Environment" report published at the summit by the Ministry of Commerce, China remains an investment hot spot for multinationals.

The report shows that from 2020 to 2022, China's FDI inflow grew at an average annual rate of 12.5 percent, and the country saw over 40,000 foreign-funded enterprises newly established each year.