QINGDAO -- Executives from leading multinational corporations attending the 6th Qingdao Multinationals Summit expressed their confidence in the Chinese market, praising its innovative environment, advanced manufacturing, and value in global industrial development.

The three-day summit attracted 465 multinational companies, including 135 from the Fortune Global 500 and 330 industry leaders, in coastal Qingdao City of east China's Shandong Province from June 18 to 20.
China has a strong manufacturing ability, which enables products to reach the market in a shorter time frame, said Kurt Van Rysselberge, head of Bekaert China and vice president of Operations Global Engineering and Operational Excellence.
"China is very fast in development, so that offers a unique advantage to basically industrialize and bring products to the market in a relative limited time frame. So I think it is strategically important to be here for innovation efforts as well," he said.
President of Panasonic Corporation of China Zhao Bingdi echoed a similar sentiment.
"China is not just a manufacturing hub. It is a nation of engineers and innovators. China has incomparable advantages in all aspects, such as talents, the supply chain, and innovative ability," said Zhao.
Noting the rapid business growth in China, ACWA Power, a Saudi Arabia-based electric power generation company, hopes to scale its business in China to 75 billion U.S. dollars by 2030, said Saleh Al Khabti, president of ACWA Power China.
"We signed [projects] in December and January, [which] are the first step for us in China, and we're proud of those projects. We aim to have five times that many projects before the end of this year. Our mid-term strategy for China is, you know, for ACWA, we aim to have 250 billion dollars assets under management before 2030. One third of that will be in China. So we aim to have up to 75 billion dollars," he said.
The Chinese market brings a substantial reward for investment for Avanci Vehicle, a leading global independent patent licensing platform for smart connected vehicles, according to Laurie Fitzgerald, president of Avanci Vehicle.
"Avanci has had a great experience working here in China. We've been expanding our operations here, and I think we've had a lot of cooperation from innovative Chinese companies in the telecom space. And we've been able to offer them a simple and efficient way to license their patented technology worldwide, and to obtain a fair return on their investments and reward for their innovation," said Fitzgerald.
Allured by China's enduring appeal as both a manufacturing powerhouse and a rising force in next-generation technologies, global businesses vowed to expand their investment in China.