Yantai signs big deals at Qingdao Summit

The Symposium on Yantai-Transnational Enterprises Industrial Chain Cooperation was held during the second Qingdao Multinationals Summit in Qingdao, Shandong province on July 16.

More than 200 representatives from the world's top 500 companies and other multinational companies, as well as industry leaders and government officials attended the symposium.

Sponsored by the CPC of the Yantai Municipal Committee and the Yantai Municipal People's Government, the symposium was themed around "Industrial chain links the world, cooperation drives the future."

Agreements for 30 projects were signed, including 12 foreign-funded projects, with the contractual foreign investment amounting to $227 million.

These projects with a total investment of 33 billion yuan ($5.1 billion) involve 12 fields, including high-end equipment, new energy, tourism, medical care, new materials, modern marine equipment, next-generation information technology, supply chain services, and food processing.

As one of the first batch of China's coastal cities to open to the outside world, Yantai has established trade cooperation with more than 200 countries. More than 100 Fortune 500 companies have started a business in the city, with Yantai’s foreign investment in actual use reaching $40 billion.

The second Qingdao Multinationals Summit, which was held from July 15 to 16, focuses on the position of multinationals in the global industrial chain system, as well as the symbiotic relationship between multinationals and the Chinese market.