Shandong has showcased its strength in opening up to the outside world and is developing into a new hub for opening up.

The 2021 Qingdao Multinationals Summit, which is sponsored by the Ministry of Commerce and the Shandong Provincial People's Government, to declare the country's firm determination to open up further to the outside world,

The event aims to strengthen the confidence of multinational companies in investing in China, facilitate cooperation between multinationals and China, discuss multinational issues, spread the voices and share the experiences of multinationals, as well as link resources for multinationals.

The China (Shandong) Pilot Free Trade Zone is an important window for Shandong province extending the province’s opening up.

The Yantai Area of the China (Shandong) Pilot Free Trade Zone, which was founded in August, 2019, is playing an increasing role in promoting foreign trade and has provided major strategic opportunities for Yantai.

In the first quarter of this year, the Yantai Area of Shandong FTZ has attracted 49 key projects, with a total investment of 50 billion yuan ($7.72 billion). The projects cover new generation information technology, high-end equipment, and healthcare, which have added new vitality to the high-quality development of the city.

In addition, a number of emerging industries developed rapidly in Shandong, such as such as high-end equipment manufacturing, smart manufacturing, internet of things, big data, and cloud computing, providing new opportunities for international cooperation,

The Jining National High-tech Industrial Development Zone is one of areas in China that have most complete construction machinery industry chain. The zone has 154 high-end equipment industry enterprises which are above designated size, with an operating income of 37 billion yuan in 2020.

By 2025, there will be 200 enterprises above designated size in the cluster, with an operating income of 100 billion yuan, officials said.