China supports robust, healthy growth of multinationals: vice president

China firmly supports multinational corporations in investing and doing business in China and achieving robust and healthy growth, Chinese Vice President Han Zheng said on Tuesday.

Han addressed the opening ceremony of the seventh Qingdao Multinationals Summit held in the coastal city of Qingdao, east China's Shandong Province.

China's continuous efforts to pursue high-quality development and expand high-standard opening up have provided a broad stage for the development of multinationals, the vice president said.

He expressed the hope that multinationals would provide high-quality goods and services, deepen industrial cooperation in China, and work together to build a new ecosystem of innovative growth that is more resilient, more dynamic, and more competitive.

The vice president also called for efforts to jointly safeguard the stability of global industrial and supply chains.

The summit attracted more than 700 representatives from government departments, international organizations, multinationals, and business associations.

China supports robust, healthy growth of multinationals: vice president

Hopes for ongoing U.S.-Iran talks to end hostilities in the Middle East sent international crude oil futures to continue to tumble on Tuesday, with Brent crude briefly dipping below the 80 U.S. dollars per barrel threshold during the day's session.

In early morning trading, West Texas Intermediate (WTI) crude for July delivery dropped 4.79 percent to settle at 76.88 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery fell 4.28 percent to settle at 79.61 U.S. dollars a barrel on the London ICE Futures Exchange.

U.S. President Donald Trump announced on Tuesday that the Strait of Hormuz would be fully reopened by Friday.

Crude prices have fallen for three straight trading sessions following the announcements of a memorandum of understanding between the U.S. and Iran being finalized, with both WTI and Brent falling more than 10 percent over the stretch.

Despite the drastic decline, international crude benchmarks remain well above prices recorded before the U.S.-Israel war against Iran erupted in late February.

Brent oil drops below 80 USD per barrel on U.S.-Iran deal