Qingdao in Shandong province released its two-year action plan (2019-20) on Dec 29, 2018, for deepening its cooperation with Global 500 and leading industrial companies.

It is expected that Qingdao will introduce more than 30 new Global 500 companies by the end of 2020.

To achieve its goals, Qingdao is to improve its investment attraction mechanism, innovate cooperation modes, expand investment channels, and improve the business environment.

Improve investment attraction mechanism

According to the plan, Qingdao will carry out regular exchange activities to maintain close contact with the Global 500 and leading industrial companies and to advance cooperation projects.

It will establish a joint investment attraction mechanism by uniting professional business invitation teams, all the districts of the city, all its economic function districts, and its nine overseas business centers.

Innovate in cooperation modes

Qingdao is to study new modes of cooperation with the Global 500 and leading industrial companies by putting greater emphasis on in-depth cooperation in the fields of capital, technology and markets.

It will explore methods of establishing an investment attraction and equity investment cooperation platform and foundation to guide various types of capital into industries that are closely related to the projects run by the Global 500 and leading industrial companies.

It will also promote the joint setting up of research and development centers and laboratories by collaborating with the Global 500 and leading industrial companies, as well as carry out brand and channel cooperation to bring Qingdao into the global supply chains of transnational corporations.

Additionally, Qingdao should try to found talents training institutions and bases by cooperating with transnational corporations to help cultivate professional technicians and talented managers.

Expand investment channels

The action plan proposed that all kinds of high-level investment platforms and important events should be used to promote cooperation between Qingdao and the Global 500 and leading industrial companies.

The platforms or events include Conference of Great Business Partners, Shandong Week in Hong Kong, Qingdao Summit of Transnational Corporation Leaders, Round-table Conference of International Economic Cooperative Partners, and Qingdao International Investment Promotion Consultation Institutions Meeting.

Improve business environment

Qingdao is to improve its service system to provide a better working, living, educational and medical environment for members of the Global 500 and leading industrial companies who want to settle in the city.

All economic parks in Qingdao will commission third-party intermediary agencies to carry out assessments of their business environment, and then adopt appropriate measures to improve those environments, in order to make Qingdao one of the most popular investment destinations in the world.