Shandong province will host the fifth Qingdao Multinationals Summit this week from Aug 27 to 29 as part of its efforts to establish itself as a hub of high-level openness by refining its systems for international cooperation.

With the theme "Multinationals and China", the summit will feature a multinational corporation investment and cooperation conference, organize themed promotions for functional zones, and a forum on new quality productive forces empowering high-quality development. It will also launch a promotion for innovative talent in the marine sector.

At a news conference held in Jinan, Shandong's capital city, on Aug 26, Chen Fei, head of the Department of Commerce of Shandong Province, highlighted the province's focus on building a model zone for institutional openness, advancing foreign trade reforms and enhancing the investment environment for foreign businesses.

According to Chen, Shandong will continue enhancing high-level open platforms by leveraging key events, such as the Qingdao Summit and Conference of Great Business Partners, to strengthen international cooperation and attract global resources.

In the first seven months of this year, Shandong's total foreign trade hit 1.9 trillion yuan ($266.84 billion), a 2.5 percent year-on-year increase, according to statistics jointly released by Qingdao Customs and Jinan Customs.

From January to May, the province's actual utilized foreign investment reached $6.33 billion, making up 10.9 percent of the national total.