The 5th Qingdao Multinationals Summit is held from Aug 27 to 29. [Photo by Gao Shengkai/for chinadaily.com.cn]

The 5th Qingdao Multinationals Summit in Qingdao, Shandong province is being held from Aug 27 to 29. This international conference covers economy and trade to further facilitate multinational corporations' investment in China.

According to news released by the summit's organizers, this summit will focus on promoting precise investment in Shandong's 11 iconic industry value-chains. It will arrange the signing of 37 trade projects and organize over 100 "small yet precise" investment exchange activities. Additionally, more than 20 provincial-level commerce departments will engage in negotiations and cooperation talks.

This summit presents a tremendous opportunity for Qingdao, the permanent host city.

"As a leading area for the development of the new economy and high-level reform and opening up, Qingdao boasts a strong industrial foundation and a comprehensive industrial system. In recent years, Qingdao has focused on developing high-tech industries and strategically prioritized the biopharmaceutical industry as an emerging sector. Qingdao, along with Shandong, leverages its unique geographical advantages, robust scientific and technological capabilities, and open investment environment to create favorable conditions for the rapid growth of the health industry," said Wang Lei, global executive vice-president of the United Kingdom's AstraZeneca and president of its China branch, at the Qingdao Multinationals Summit held in 2022.

AstraZeneca, a Fortune Global 500 multinational pharmaceutical company, hopes to utilize its own resources and technological advantages to fully support Qingdao in establishing itself as an innovative hub for the biopharmaceutical industry, according to Wang.

Cooperation only increases between AstraZeneca, located in Qingdao High-tech Zone, and the local government. For example, AstraZeneca invested an additional $250 million in August last year to add a second phase of its inhalation aerosol production supply base in Qingdao. During the fourth Qingdao Multinationals Summit, AstraZeneca's regional headquarters in Qingdao was officially unveiled, and a rare disease international innovation research center was established, forming a comprehensive layout of cooperation in production, education, and research.

The annual summit has played a practical role in promoting economic and trade cooperation while helping multinationals learn about and invest in China. Therefore, the summit serves to not only inject new impetus into economic development but also provide new opportunities and platforms for the development of MNCs in China, promoting deep integration and mutually-beneficial cooperation between China and the global economy.