Agreements for 163 projects were signed during the fifth Qingdao Multinationals Summit, which concluded on Thursday in the coastal city of Shandong province, officials said at a news conference held for the summit.

The projects cover various fields, including intelligent manufacturing, biopharmaceuticals, advanced materials, new energy, modern logistics and cross-border trade.

The three-day event brought together attendees from 451 multinational companies to exchange insights on their experience and strategies in the Chinese market.

As important participants, witnesses and beneficiaries, multinationals have played positive roles in China's reform and opening-up. As of June, foreign companies had established over 1.2 million enterprises in China, with total utilized foreign capital exceeding 20.3 trillion yuan ($2.86 trillion), said Yu Zirong, vice-president of the Chinese Academy of International Trade and Economic Cooperation.

"As a national-level open platform, the summit has played a significant role in attracting and utilizing high-quality foreign investment," said Yu, adding that the Ministry of Commerce will continue to work with Shandong to leverage the summit as a bridge that bolsters investment and business development from multinational corporations in China.