In mid-October, Qingdao Multinationals Summit will be held in Shandong Province.

According to the latest statistics released by Qingdao Customs on June 13, from June 2018 to May 2019, Shandong’s total import and export value to SCO countries reached 156.05 billion yuan, a year-on-year increase of 30.9%. The main export commodities were mechanical and electrical products, auto parts, textiles and garments, steel products, agricultural products. The main import commodities were crude oil, agricultural products, food, and consumer goods.

In an interview with reporters, Nicholas Beale, CEO of Sciteb, said, “I think this is a very very wise step for the Chinese government. Of course, it builds good trade relations, but it’s also very good for the Chinese economy.” He believes that the Qingdao Summit will benefit everybody. It benefits the foreign companies working in China. It benefits the Chinese consumers and it benefits the Chinese enterprises. China now has truly world class businesses that do not need any form of protection. They can go out and do wonderful things in China and in the world.