QINGDAO, Shandong Province — As companies worldwide reassess supply chains, investment strategies and market opportunities, the Seventh Qingdao Multinationals Summit provided a platform for discussions on China's economic priorities and its engagement with global businesses during the country's upcoming 15th Five-Year Plan period (2026–30).
Co-hosted by the Shandong Provincial Government and China's Ministry of Commerce, the summit brought together 576 executives, policymakers, diplomats and scholars from June 15 to 17. Participants discussed investment, trade, innovation and industrial cooperation, with more than 50 events focused on strengthening ties between multinational corporations and China's development agenda.
A notable agreement announced during the summit was a $110 million strategic cooperation project between Shandong Public, a public service company based in Shandong, and SUEZ, an international provider of water and waste management solutions. The project will focus on urban wastewater treatment and environmental protection and is intended to support China's carbon reduction goals, including peaking carbon emissions before 2030 and achieving carbon neutrality before 2060.
Multinationals Assess China's Market Opportunities
Executives from several international companies shared perspectives on operating in China's evolving business environment and adapting to increasing competition and technological change.
Andrea Maganzani, Asia Pacific CEO of Italian tire manufacturer Pirelli, said China remains an important market both for its scale and its consumer expectations. He noted that companies seeking success in the country must offer high-quality, innovative products, as competition increasingly centers on technology and performance rather than cost alone.
Eric Lai, Vice President and Senior Regional Sales Director for China and Asia-Pacific at Danish pump manufacturer Grundfos IND, described China as a key market for the company. Grundfos has operated in China for more than three decades and maintains two production facilities and its largest research and development center outside Denmark in the country. Lai emphasized the importance of multinational companies contributing to local value creation alongside business growth.
Gianni Di Giovanni, Executive Vice President of Eni's China Branch Office, highlighted opportunities linked to China's decarbonization efforts, noting that the country's commitment to reducing emissions is creating new areas for investment and cooperation.
Almatis, a global producer of aluminium oxide, announced plans to open its fourth plant in Qingdao later this year. Chief Commercial Officer Charles Thompson said the company views local production as a way to strengthen supply chains and reduce risks associated with global market volatility. He added that China's large customer base and emphasis on technological advancement support this strategy.
Ahmed Almehmadi, Chief Operating Officer of Saudi Arabian company EXPORTech, discussed how rising logistics costs during the COVID-19 pandemic prompted the company to shift from traditional import-export operations toward e-commerce. Through a partnership with Alibaba, the company expanded its digital trade activities and focused on facilitating long-term business relationships across markets.
Innovation and Quality Take Center Stage
Many participants said China's transition toward innovation-driven and higher-quality growth is reshaping opportunities for multinational companies.
At a forum on multinational development, Hyundai Motor Group China President Hyukjoon Lee described the next five years as a critical period for the automotive industry, citing advances in electric vehicles, intelligent technologies and hydrogen energy. He said China remains central to Hyundai's global strategy because of its position as both the world's largest automotive market and a significant center for technological innovation.
Simon Lichtenberg, founder and CEO of Sweden's Tretorn Group, said China has evolved beyond its traditional role as a manufacturing base and is now a major center for innovation, digital development and talent. He noted that companies entering China today can gain insights from the country's rapid technological progress and business practices.
Clemens Brenner, a member of the Executive Board of Germany-based technology company Heraeus Group, said investment in China increasingly involves research, innovation and workforce development. He pointed to opportunities for industrial modernization and digital transformation.
Thompson of Almatis also highlighted plans to explore greater automation and data-driven manufacturing processes in line with China's future development priorities.
Looking Ahead
The discussions at the Qingdao summit reflected the growing importance of innovation, sustainability and local partnerships in China's economic strategy. As the country begins implementing its 15th Five-Year Plan, multinational companies appear to be evaluating how they can align their investments and operations with evolving market demands, technological advancements and environmental objectives.
For many participants, the summit underscored both the opportunities and challenges of operating in one of the world's largest and most competitive markets.