QINGDAO, China, June 22, 2022 /PRNewswire/ — The 3rd Qingdao Multinationals Summit (QMS) opened on June 19, with 476 representatives from the world’s top 500 companies and other industry leaders discussing market trends as well as opportunities for mutually beneficial cooperation between MNCs and China. Many multinationals remain of the opinion that China is still an important destination for global investment and look forward to seizing new and rewarding opportunities for development in the country.

Dow’s commitment to and confidence in China has never wavered. Compared with other countries and regions, China boasts a broad market with ample headroom for growth, growing consumer demand, a complete industrial system and supply chain ecosystem. These unique advantages provide multinational companies, including Dow, with tremendous room for expansion.

During the summit, biopharmaceutical company AstraZeneca officially announced its expansion of investment in China, with plans to build a production and supply base and set up a regional headquarters in Qingdao. Air Products completed its first hydrogen refueling station in Shandong province last August – Zibo Huantai Demonstration Hydrogen Refueling Station, which provides hydrogen refueling services to several local bus lines and logistics fleets.

Japan’s Marubeni Corporation will collaborate with Chinese companies in green businesses such as healthcare and renewable energies. South Korea’s SK Group will cooperate with Chinese counterparts to expand its global presence in hydrogen, renewable energies and other environmental fields.

Germany’s Festo is accelerating the rollout of its roadmap for China in several niche industries including 5G, life sciences, pharmaceuticals, EVs and semiconductors with a focus on automation and digital transformation.

Tesla’s Shanghai Super Factory has become the company’s most important export base and production center, delivering more than 480,000 pure electric vehicles to drivers worldwide in 2021. The company’s Chinese operations account for half of Tesla’s global delivery volume.

Multinational companies have participated in and witnessed China’s opening up to the outside world, and have made important contributions to China’s scientific and technological innovations, industrial transformation, and economic and social development. China has just entered a new stage of development. Building a new model for economic development, actively negotiating free trade agreements (FTAs), promoting the digital economy and low-carbon growth are sure to bring new development opportunities to multinational companies.