The event was sponsored by the Ministry of Commerce, it took place in the coastal city of Qingdao (east) and brought together more than 10,000 guests from various companies, including 390 from famous Fortune 500 list.

Participants discussed the need to explore new growth drivers and opportunities to revive business amid situations like current Covid-19 pandemic.

Several of the sub-meetings discussed issues such as intellectual property protection, investments, benefits of incorporating smart technologies into manufacturing, and plans to achieve carbon neutrality this century.

Director General of the World Trade Organization, Ngozi Okonjo-Iweala, intervened by videoconference at the opening and called for taking advantage of it to strengthen value chains in local economies.

She also considered vital that private companies increase business and investment in countries in Africa, Latin America and the Caribbean, the Middle East and Southeast Asia, since in addition to contributing to the global economic recovery, they would help reduce poverty.

The multinational summit in Qingdao included an exhibit where Chinese firms and from states such as Germany, Italy, Switzerland, Japan and the United States showed novelties in products and equipment for aviation, agriculture, transportation, telecommunications, health and personal use.

Chinese authorities reiterated the country’s will to increase imports of goods and services as part of the strategy to consolidate consumption, defined among the new pillars of economic growth.

China also sought to further advance its ‘dual circulation’ formula, which gives greater weight to business, production and spending at home, without abandoning international cooperation.

pgh/lcp