Foreign-funded enterprises seek joint innovation with China at Qingdao summit

Many foreign-funded businesses in high-end manufacturing have showed interest in China's technological advantages and are seeking to make innovation together with Chinese enterprises at the sixth Qingdao Multinationals Summit (QMS) held in east China's Shandong Province.

Themed "Multinationals and China: Connecting the World for Win-Win Cooperation," the three-day summit opened Wednesday in Qingdao City. It gathered representatives from 465 multinational companies, featuring 135 Fortune Global 500 giants and 330 industry leaders spanning 43 countries and regions.

"There are actually lots of opportunities in China. Finding some (industrial) bases in China and then cooperating with some Chinese companies for joint innovation is definitely a very good opportunity," said Torsten Oppel, a partner of Detecon Consulting.

Since the beginning of this year, foreign investors have continued to accelerate the pace of setting up research and development centers in China. According to statistics, by May 2025, the cumulative number of foreign-funded research and development centers in Shanghai reached 603. In 2024, Beijing approved over 110 new foreign-funded research and development centers, and as of January 2025, the number of foreign-funded R and D centers in the city reached 221.

The summit also introduced a forum on overseas fund investment cooperation, preliminarily identifying over 90 billion yuan (about 12.52 billion U.S. dollars) in investment demands.

"Shandong has a complete industrial chain covering advanced manufacturing, new energy new materials, and more. We well meet the demands in the fields of infrastructure, local manufacturing, and energy transition. We hope to contribute as Middle Eastern capital in establishing industrial cooperation," said Chi Shaojie, a partner of Abu Dhabi-based asset management firm BlueFive Capital.

A research report titled "Multinationals in China", released by the Research Institute of the Chinese Ministry of Commerce, shows that in recent years, China has continuously lowered the thresholds for foreign investment to enter a dozen service sectors including science and technology, finance, healthcare, telecommunications, culture and professional services.

Data shows that in the field of telecommunications services, by the end of February 2025, there were over 2,400 foreign-invested telecommunications enterprises across the country, up 30 percent year on year. Among them, 13 globally renowned multinational companies such as Telekom and Siemens have been approved for value-added telecommunications business pilot programs.

Foreign-funded enterprises seek joint innovation with China at Qingdao summit

UN Secretary-General Antonio Guterres has called on the organization's member states to respect international law in response to U.S. President Donald Trump's latest remarks that he doesn't need international law.

Stephane Dujarric, spokesman for the secretary-general, said at a press conference on Friday that the UN chief's reaction to Trump's remarks "is to redouble his message to all member states to respect the international law they themselves created".

In an interview with The New York Times on Wednesday, Trump declared that his global power is constrained only by his "own morality", saying it's the only thing that can stop him.

When asked whether his administration needs to abide by international law, Trump said he would be the arbiter when such constraints applied to the United States.

"It depends what your definition of international law is," he said.

The New York Times report said Trump's assessment of his own freedom to use any instrument of military, economic or political power to cement American supremacy was the most blunt acknowledgment yet of his worldview. At its core is the concept that national strength, rather than laws, treaties and conventions, should be the deciding factor as powers collide.

The United States launched a large-scale military operation against Venezuela in the early hours of Jan 3, taking by force Venezuelan President Nicolas Maduro and his wife.

Maduro made his first court appearance on Jan 5 in New York, during which he pleaded not guilty to all U.S. charges.

Amid tensions with Venezuela, Trump has claimed the United States absolutely needs Greenland, saying he might try "hard ways" to take over the island, which has a strategically critical position and rich resources.

The latest U.S. moves have drawn worldwide condemnation for its violation of Venezuela's sovereignty and territorial integrity, and international law.

UN chief calls for respect for international law in response to Trump’s remarks