China’s appeal to global businesses keeps rising, with new foreign-funded enterprises jumping 14.2% year-on-year in the first half of 2024, according to a report released at the fifth Qingdao Multinationals Summit. 🚀 The event, held in Shandong Province, highlights how multinational companies are thriving in the world’s second-largest economy.
Over the past decade, China’s foreign direct investment (FDI) has surged, with tax contributions from overseas firms consistently topping 17% of national revenue and their trade volume exceeding 30% of China’s total. 💼💸 Experts say these businesses are ‘optimizing costs and boosting profits’ by tapping into the country’s vast market.
Yu Zirong, a trade expert, revealed that foreign-invested industrial firms saw annual revenue growth of 4.1% from 2018-2022, contributing over 20% of China’s industrial income. 🔧 The report urges companies to align with China’s focus on green innovation, supply chain upgrades, and high-tech sectors to unlock future opportunities.
With the Qingdao Summit running until August 29, global giants are doubling down on partnerships in a market that’s becoming irreplaceable in corporate strategies. 🌐✨
