China - August 30, 2024

Multinational executives gather at summit in China's Qingdao

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The 5th Qingdao Multinationals Summit is seeing a surge in participation from companies in next-generation sectors such as information technology, biomedicine, new energy, and high-end equipment.

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Zhao Bingdi, Vice President, Panasonic China & Northeast Asia Company:

"After decades of development, China has become not just a consumer powerhouse, but also a leader in innovation and engineering. China's innovation capacity, especially with its global focus, is increasingly evident. Additionally, China's supply chains are comprehensive and highly competitive, arguably the most competitive in the world."

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China has introduced a series of reforms over the years aimed at creating a favorable business environment. The goal is to provide a transparent and fair market for both domestic and overseas companies.

Foreign enterprises at the summit are not only looking to invest, but also innovate within the Chinese market. Localization and collaborations are key parts of their strategy.

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Dyllen Xu, Senior Director, Dun & Bradstreet China:

"As a company focused on global data, Dun & Bradstreet aligns closely with China's strategic push for new quality productive forces, as data itself is a crucial foundation for these forces. We currently have data on nearly 600 million businesses worldwide. The company is leveraging its vast data capabilities, integrating them with real-world business scenarios, to amplify the multiplier effect of data elements, ultimately empowering local enterprises for high-quality growth."

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Konstantinos Karakolidis, CEO, Siempelkamp (Qingdao) Machinery and Equipment:

"As all companies, I think it's also a learning procedure for the foreign investors to see localize our product portfolio and try harder to get into the Chinese market to compete. So we are amidst our transfer processes and our localizations. Our commitment to China and especially Qingdao is 10 years old now. We went through a lot of phases, and it’s a challenging time, I would say, but we are committed and we believe with the right steps, we will achieve our targets and gain market share in China."

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Since its inception in 2019, the summit has been an important platform for dialog, exchanges and practical cooperation between China and multinational corporations.

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