East China's Shandong province has leveraged the Qingdao Multinationals Summit (QMS) to expand opening-up and inspire an increasing number of multinationals to invest and operate in the province.

Since the first summit in October 2019, agreements for a total of 592 investment projects had been signed at five editions of the summit, with a cumulative value of $69.8 billion, said Cai Pei'an, deputy secretary-general of the secretariat of the QMS.

Thanks to the summit, Shandong has become a popular investment destination among many multinational corporations, Cai said.

Over the past six years, Shandong has been working to advance high-standard opening-up by building high-level platforms of openness and creating a world-class, market-oriented and law-based business environment, with its open economy entering a new stage.

Located in Rizhao, Shandong province, Dongshen Haiyue Electronic Technology Company is committed to high-end touchscreens, engaging in R&D, production and sales. "We were originally based in Shenzhen in South China's Guangdong province. We signed an agreement to establish a base in Shandong during the fourth QMS in 2023," said Yang Yande, the company's general manager. 

After the 2023 summit, the local government launched a key project implementation mechanism to ensure the project's prompt operation, fully supporting the project's construction and daily operations, Yang said.

In 2024, Shandong released implementation guidelines on developing a new hub of high-standard opening-up to provide comprehensive services for multinational companies investing and developing businesses in the province.

In addition, Shandong has fully leveraged its industrial strength and geographical advantages to contribute to the Belt and Road. In the first five months of this year, the province's trade with countries participating in the Belt and Road Initiative reached 909.15 billion yuan ($126 billion), an increase of 8.9 percent year-on-year and accounting for 63.8 percent of the province's total foreign trade.

As the sixth QMS is being held from June 18 to 20 in Qingdao, Shandong is committed to amplifying the summit's effects to attract and utilize more foreign investment.