China urges efforts to maintain multilateralism

State Councilor Wang Yong called on Sunday for joint efforts between China and multinationals to maintain multilateral trading system and stabilize global industrial and supply chain, contributing more to world economic recovery and growth and to build a community with a shared future for mankind.

Wang emphasized China's determination on opening-up policy, saying the country would deepen win-win cooperation with multinationals.

He made remarks during the opening ceremony of the Third Qingdao Multinationals Summit in Qingdao, Shandong province.

He said the fundamentals of China's economy remain unchanged despite complex situations both at home and abroad, adding that the country was effectively coordinating epidemic prevention and control and economic and social development, further relaxing market access, promoting fair competition, continuously improving the level of trade and investment liberalization and facilitation, and striving to create a market-oriented, legalized, and international business environment.

The Qingdao summit, which lasts through Tuesday, is jointly organized by the Ministry of Commerce and the Shandong People's Government, attracting more than 5,000 participants both online and offline, including representatives from 476 Fortune 500 and industry leading companies.

Pascal Soriot, executive director and CEO of AstraZeneca, a global biopharmaceuticals producer, said: "The COVID-19 pandemic has tested economies and societies to their limits around the world. Now more than ever before, we must work together, across industries and borders, with urgency and one shared goal, to create a healthier, stronger and more sustainable future for all. "

As a global science and innovation powerhouse, China has created an environment where businesses can advance new solutions that tackle the world's most pressing healthcare challenges, he said.

Soriot said AstraZeneca had signed an agreement with Shandong province to establish a state-of-the-art diagnosis and treatment hub which would help establish Shandong a leader in rare disease innovation, as well as a new regional headquarters, Healthcare Industry Fund and Innovation Campus.

Tao Lin, vice-president of Tesla Inc, said the current policies in China of stabilizing foreign investment and trade have given great confidence to multinationals for their development in China, adding that she is looking forward to implementation of a serious of favorable policies.

"As a witness and participant of China's further reform and opening-up, Tesla will become more positive to be involved in the country's economic development and reform and opening-up," Tao said via online video.

Themed "multinationals and China", the three-day summit focuses on topics including global industrial and supply chain reconstruction in the post-pandemic era, implementation of the Regional Comprehensive Economic Partnership and promotion of institutional opening up, multinationals' role in enhancing economic and social development, and the Yellow River Basin ecological protection and high-quality development.

Ding yuanyuan contributed to this story