Weihai, a coastal hub in Shandong province, hosted a conference to boost exchanges and cooperation with overseas enterprises on July 16 during the second Qingdao Multinationals Summit. 

Weihai hosts an exchanges event on July 16 during the second Qingdao Multinationals Summit. [Photo/dzwww.com]

Themed on the building of the China-South Korea four-port linkage channel and the city's integration into RCEP markets, the event was attended by more than 120 guests, including leaders from the world's top 500 companies, China's top 500 companies, multinational companies, and business associations, as well as government officials and economic experts.

Participants shared their insights into the exploration of the market space and cooperation opportunities with multinational corporations, and gave suggestions on how Weihai can deepen regional economic and trade ties.

According to Weihai officials, the city has been ramping up efforts to improve its business environment in recent years by implementing a slew of measures to attract foreign investments and talents and facilitate foreign trade.

Official statistics show that from January to May this year, the total import and export value of Weihai reached 74.77 billion yuan ($11.55 billion), an increase of 51.8 percent year-on-year.

Guests attend the exchange event hosted by Weihai city. [Photo/dzwww.com]

During the period, Weihai's import and export volume to Japan and South Korea reached 29.7 billion yuan, up 31.5 percent year-on-year, accounting for 39.7 percent of the city's total foreign trade.

Foreign-invested enterprises, which contribute advanced technology and equipment, rich management experience, quality products and services, and leading innovation resources to Weihai, have played a key role in Weihai’s social and economic development and elevated the city’s comprehensive competitiveness in global trade, said Weihai officials.