A press conference is held by the Information Office of Shandong Provincial People's Government in the coastal city of Qingdao, focusing on the province's efforts in serving the development of MNCs with sound business environment. [Photo/Guanhai News]

East China's Shandong province is committed to providing sound business environment and high-quality services to multinational companies (MNCs) to share in development opportunities and grow with them through pragmatic cooperation, according to a press conference held by the Information Office of the Shandong Provincial People's Government in the coastal city of Qingdao on May 16.

Speaking at the press conference, Zhang Qingwei, deputy director of the Department of Commerce of Shandong Province, said that with over 19,000 foreign-funded enterprises operating in the province, including 236 Fortune 500 companies investing in 943 projects in Shandong, the province has actively engaged in mutually beneficial partnerships with MNCs.

By strengthening institutional synergies, fostering innovation cooperation across various sectors, and facilitating comprehensive economic and trade exchanges, Shandong has expanded its "circle of friends" in the multinational business community, yielding fruitful outcomes amid China's reform and opening-up, Zhang said.

AstraZeneca, a globally renowned biopharmaceutical company driven by innovation, operates in over 100 countries and regions with 28 production facilities in 16 countries. China stands as AstraZeneca's second-largest market globally, with the company increasing its investment in Shandong over the past few years, now totaling $750 million in project investment.

Qingdao-based AstraZeneca keeps deepening cooperation with Shandong province. [Photo/Dazhong Daily]

Zhang emphasized Shandong's commitment to attracting foreign investment with high-quality services and growing with MNCs.

In recent years, Shandong consistently regards multinational companies as valuable partners for high-quality development and shares new opportunities for industrial upgrading with them. The past years have witnessed the successful establishment of key projects by Germany's ZF, Sweden's Hexicon and Singapore's UTAC, contributing significantly to the province's development of new quality productive forces tailored to local conditions.

In 2024, the province introduced a policy on promoting high-standard opening-up, offering comprehensive services to foreign investors in Shandong.

In the first quarter of this year, Shandong's utilization of foreign investment in high-tech industries reached 44.2 percent of the total, surpassing the national average by 15 percentage points.

By creating a world-class, market-oriented and law-based business environment, Shandong has implemented various measures to support foreign enterprises investing and operating in the province.

Chen Wansheng, deputy secretary-general of the Qingdao Municipal People's Government, highlighted Qingdao's efforts in leveraging its resource advantages and attracting global capital to enhance cooperation with multinational companies.

Qingdao continues to improve its business environment and development platforms, fostering mutual growth with MNCs, Chen said.

A total of 179 Fortune 500 companies have invested in 412 projects in Qingdao to date, he said.

The Qingdao Multinationals Summit, jointly hosted by the Ministry of Commerce and Shandong province, serves as a vital open platform that continuously elevates services for multinational companies. The previous five editions of the summit have seen the cumulative signing of agreements totaling $69.8 billion in investment.