The third Qingdao Multinationals Summit will be held from June 20 to 21 in Qingdao, Shandong province, as part of China's efforts to press ahead with high-level opening-up, share development opportunities for mutual benefit and win-win results, as well as boost global economic recovery.
Shandong, the host province of this event, is an economic powerhouse on China's east coast. In recent years, it has been ramping up efforts to further high-standard opening-up and provide a better business environment and services for foreign companies. A number of policies and measures has been also issued in Shandong aimed at promoting the high-quality development of foreign-funded projects and companies.
Welcome to Shandong
It is the place where Mount Tai soars skyward, where the Yellow River embraces the ocean, and where Confucius was born, whose thoughts have been nurturing the spiritual world of the Chinese Nation.
The Scenery of Shandong | Visit Shandong from Different Perspectives >>
Shandong tops the provinces with a strong economy
Shandong's GDP in 2021 surpassed 8.3 trillion yuan, up 8.3 percent over the last year.
Shandong's GDP totaled 1.99 trillion yuan in the first quarter of 2022, up 5.2 percent year on year when calculated at comparable prices.
In January 2018, Shandong became the first comprehensive pilot area for new drivers of growth in China, shifting from an inefficient growth model to one for quality development driven by technological innovation, institutional reform and enhanced labor skills.
By developing new technologies, new industries, new forms of business and new models, Shandong is fostering ten major industrial clusters. These efforts enhance the internal driving forces for Shandong's high-quality development.
Shandong promotes high-standard opening-up
Photo taken on Jun. 9, 2022 shows containers at Qingdao port, Shandong
Shandong has been ramping up efforts to promote high-standard opening-up. The province has made new progress in institution-oriented opening-up, building platforms for openness and cooperation, and deeply integrating into the construction of the Belt and Road Initiative.
Shandong saw its foreign trade surge 32.4 percent year on year to 2.93 trillion yuan in 2021, another record high for the sixth year in a row. The province's exports reached 1.76 trillion yuan last year, up 34.8 percent from 2020, and imports hit 1.17 trillion yuan, an increase of 29 percent.
The High-level Forum for RCEP Economic and Trade Cooperation kicks off in Qingdao on Apr. 25, 2021.
In 2021, Shandong reported a 40.8 percent surge in trade with countries along the Belt and Road. The figure hit 937.6 billion yuan, which accounted for 32 percent of the provincial total. Its trade with the other 14 member countries of the Regional Comprehensive Economic Partnership (RCEP) expanded 32.9 percent year on year to 1.03 trillion yuan, accounting for 35.2 percent of the province's total foreign trade value.
China-SCO Local Economic and Trade Cooperation Demonstration Zone
Shandong will leverage the national strategy for environmental protection and high-quality development in the Yellow River basin, the comprehensive pilot area of growth drivers transformation, China (Shandong) Pilot Free Trade Zone, China-SCO Local Economic and Trade Cooperation Demonstration Zone, and other national-level platforms, seize the opportunity of RCEP, and make new advances in opening-up.
Shandong upgrades business environment for foreign companies
In recent years, Shandong has been ramping up efforts to stabilize foreign investment and provide a better business environment and services for foreign companies. The province has issued a number of policies and measures aimed at promoting the high-quality development of foreign-funded projects and companies, including the guidelines on deepening reform and strengthening innovation to make Shandong a new frontier for opening-up, 32 measures to stabilize foreign trade and foreign investment, 20 measures to achieve high-quality utilization of foreign investment, and the implementation of the RCEP advance action plan, etc.
The "Connecting Shandong with Fortune Global 500 • Deepening Cooperation in Modern Marine Industry" event kicks off in Jinan on Jun. 2, 2022.
The high-quality business environment serves as a confidence booster for foreign companies to expand investment in Shandong. Data shows that in 2020, there were 31 Fortune 500 companies making investment in 55 projects in Shandong. One year later, the number of foreign-funded projects by Fortune 500 companies increased to 69, among which, Goodyear, LIoyds Bank, ORIX and another two invested in the province for the first time.
Shandong has also launched an online service platform to stabilize foreign trade and investment, and to help address difficulties in enterprise production and operations. In the first four months of 2022, there were 552 newly established foreign-invested enterprises in the province, with actually utilized foreign capital hitting 7.82 billion U.S. dollars, up 12.7 percent year-on-year.
Shandong remains magnet for foreign investment
The China-SCO Local Economic and Trade Cooperation Demonstration Area launched its first freight train from Qingdao, Shandong province, to Dushanbe, Tajikistan, on July 5, 2021.
In 2021, the actual use of foreign capital in Shandong reached 21.52 billion U.S. dollars, a year-on-year rise of 21.9 percent.
The actual use of foreign direct investment (FDI) in the manufacturing sector amounted to 6.54 billion U.S. dollars, up 72.9 percent year-on-year. To be specific, the actually used FDI in computer and office equipment manufacturing, electronic communication equipment manufacturing and medical instrument manufacturing increased by 291.2 percent, 163.4 percent and 22.3 percent, respectively.
Major sources of foreign capital increased investment in Shandong steadily. In 2021, Singapore poured over 1.49 billion U.S. dollars, up 46.8 percent; Japan and South Korea invested a combined total of 1.82 billion U.S. dollars, up 52.4 percent; the investment of RCEP countries added to 3.47 billion U.S. dollars, up 47.9 percent; and the investment of countries and regions along the Belt and Road reached 1.63 billion U.S. dollars, up 51.9 percent.
Three economic circles of Shandong
Investment in different Shandong regions became more balanced. For example, the Jiaodong Economic Circle, which consists of Qingdao, Yantai, Weifang, Weihai, and Rizhao, actually utilized foreign direct investment of 12.11 billion U.S. dollars, up 9.7 percent. The Provincial Capital Economic Circle, which includes the cities of Jinan, Zibo, Dongying, Tai'an, Dezhou, Liaocheng, and Binzhou, actually utilized foreign direct investment of 5.95 billion U.S. dollars, up 39.5 percent. The South Shandong Economic Circle, which incorporates Zaozhuang, Jining, Linyi, and Heze, actually utilized foreign direct investment of 3.45 billion U.S. dollars, up 47.7 percent.
In the first five months of 2022, Shandong's foreign trade volume reached 1.27 trillion yuan, up 17.3 percent year-on-year, according to statistics from the local customs authorities. During this period, the province's exports amounted to 757.25 billion yuan, up 26.8 percent, while its imports totaled 512.78 billion yuan, up 5.6 percent. The growth rates of its imports and exports were all higher than the national average.
Photo taken on Jun. 9, 2022 shows vehicles for export awaiting shipment at Yantai Port, Shandong.
In May, the value of imports and exports in Shandong province hit 299.95 billion yuan, surpassing Beijing and Shanghai and ranking fourth in China. In the same month, its exports totaled 184.57 billion yuan, a year-on-year growth of 41.8 percent, while its imports reached 115.38 billion yuan, up 10.7 percent.
"Friendly Shandong" welcomes friends both at home and abroad to Shandong to experience its time-honored history, splendid culture, beautiful environment, friendly people, and vibrant prospects.