Qingdao, Shandong province [Photo/VCG]

The third Qingdao Multinationals Summit will be held in Qingdao, East China's Shandong province from June 20 to 21, the Ministry of Commerce announced on June 8.

Approved by the State Council, the event, co-hosted by the Ministry of Commerce and the Shandong provincial government, will be held both online and off.

The summit will bring together senior executives from multinational companies, government officials, economists, representatives from international organizations, foreign embassies and consulates in China and global business associations, Vice-Minister of Commerce Qian Keming said.

Even though the COVID-19 pandemic has posed challenges to the global economy, particularly to industrial and supply chains, he said China's capacity for attracting foreign direct investment will remain unchanged thanks to its firm stance on deepening reform and expanding opening-up.

China's actual use of foreign capital surged by 20.5 percent on a yearly basis to 478.61 billion yuan ($74.47 billion) in the first four months of this year, the ministry said.