The fifth Qingdao Multinationals Summit is being held from Aug 27 to 29 in Qingdao, Shandong province. Sean Stein, chairman of the American Chamber of Commerce in China, delivered a keynote speech at a gathering where ministerial and provincial leaders met with guests from multinationals on Aug 27, reaffirming the enduring appeal of the Chinese market to foreign investors.
Despite recent media headlines, Stein emphasized that the international business community remains committed to China. He acknowledged that while the pace of growth may have slowed compared to previous years, China’s manufacturing efficiency, skilled workforce, and vast market size continue to be highly attractive to global companies.
He said that foreign companies are investing more in regions with favorable business environments and supportive government policies and less in regions where there is less transparency and a more challenging environment. He added that the quality of governance and the overall business climate are now more crucial than ever in attracting new investment.
Stein shared a personal anecdote about a major foreign investor who chose to invest in a particular region in China despite being offered fewer incentives compared to other places. The investor ultimately prioritized a predictable and fair business environment over short-term financial incentives.
This story underscores the importance of creating a conducive business climate for foreign investors, said Stein. “By continuing to modernize its business environment and maintaining transparency and efficiency, and by implementing announced and planned reforms,” he said, “China can continue to make the country more attractive to foreign investors.”
The fifth Qingdao Multinationals Summit brings together a distinguished gathering of 552 guests from 451 multinational companies. The attendees include 140 Fortune 500 companies, 311 industry-leading companies, and 99 first-time participants. This year’s summit continues to support mutual benefits and win-win outcomes in the global economy, the revitalization of regional economies, and the fostering of a superior business environment.