China will expedite pilot programs to further open up its services sector in key areas such as cloud computing, biotechnology and wholly foreign-owned hospitals, as part of broader efforts to create a more favorable environment for foreign investment, said a senior commerce official on Friday.

Li Yongjie, deputy China international trade representative at the Ministry of Commerce, said the ministry will work with relevant government branches to gradually expand opening-up in more service areas and revise China's Catalog of Encouraged Industries for Foreign Investment.

Speaking at a news conference in Beijing, Li said the updated catalog will include more opportunities in strategic emerging sectors.

The government is studying new policy measures to encourage reinvestment by foreign companies and will ensure that foreign-invested firms can participate on an equal footing in government procurement, as well as in nationwide programs such as large-scale equipment upgrades and the trade in of consumer goods initiative, she added.

To encourage more global businesses to invest in China, the sixth Qingdao Multinationals Summit will be convened from June 18 to 20 in Qingdao, East China's Shandong province. A total of 557 guests, including executives of multinational corporations, heads of international organizations and government officials, will attend the event.

In addition to traditional markets such as Japan, South Korea, Singapore, the United States, Germany and France, this year's summit has seen increased participation from emerging markets, including member states of the Association of Southeast Asian Nations, and countries from the Middle East and Africa, said Wang Lei, director of Shandong's provincial department of commerce.

"For the first time, companies from nine countries, such as Vietnam and Egypt, will attend the event," she said.

A delegation of 35 representatives from 22 multinational companies based in the Middle East will also participate in the summit, seeking new cooperation opportunities in areas such as fund investment, new energy, modern agriculture and seawater desalination, Wang said.

Gao Lingyun, a researcher at the Chinese Academy of Social Sciences in Beijing, said global firms see China as a key pillar in their long-term growth strategies amid growing geopolitical and economic uncertainties.

An increasing number of global companies are recalibrating their strategies to capitalize on new opportunities driven by China's consumption upgrade, digital transformation and green development efforts, said Gao.

That sentiment aligns with the latest data.

China's actual use of foreign direct investment in high-tech industries reached 96.71 billion yuan ($13.47 billion) in the first four months of 2025, data from the Ministry of Commerce showed.

In the meantime, FDI in e-commerce services surged 137 percent year-on-year, while investment in aerospace equipment manufacturing rose 86.2 percent on a yearly basis.

Malaysia's state-owned energy group Petronas said it will further expand its presence in the country, as it views China as a key strategic market in its global growth plans.

Shamsairi Ibrahim, vice-president of Petronas' LNG marketing and trading, gas and maritime business, said Petronas will accelerate the expansion of its global liquefied natural gas (LNG) portfolio to support China's growing energy needs, as the nation deepens efforts to shift toward cleaner fuels and strengthen energy security.

Ibrahim said that Petronas will also advance marine LNG solutions such as bunkering services and the expansion of its LNG fleet.

Four of Petronas' new LNG carriers are now being built at Hudong-Zhonghua Shipbuilding (Group) Co Ltd, a major shipyard based in Shanghai, he added.

Xu Daquan, president for China unit at German industrial conglomerate Bosch Group, said China is becoming a major innovation hub for Bosch and many of its latest innovations will enter mass production in China this year.

"The innovation and experience we gain here will not only serve the Chinese market, but also be applied to other countries as demand evolves," he said.

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