Little affected by slack global demand, international investors have been paying increasing attention to Qingdao in recent years.

In 2012, the East China city attracted 14 Fortune 500 companies and utilized total investment of $4.6 billion, an increase of some 27 percent over the year previous.

The import and export volume reached $73.2 billion, up 4.5 percent over last year.

Advanced technologies, management and market strategies brought in with the foreign capital have been integrated into the city's economy as driving forces, helping it restructure its industrial system, said local officials.

Today, some 10,700 overseas companies are operating in Qingdao, generating more than 30 percent of the city's annual industrial added value, 40 percent of tax revenue and nearly half of the export volume.

In addition, they provide 27 percent of jobs in the city.

The more than 100 global giants that have become "backbones" in the city's economy include Alcatel-Lucent, Nestle, Maersk, ThyssenKrupp and LG.

At the same time, a number of locally grown brands, including Haier, Hisense and Qingdao beer, have emerged as national leaders in their industries and are sharpening their global competitiveness.

The overseas investment has boosted the development of auto making, shipbuilding, petrochemicals and electronics industries in the city. Modern service sectors such as logistics, financing and tourism are also emerging rapidly.

As demand fell and costs rose last year, the Qingdao government issued a series of innovative policies to improve financial service industry, boost foreign trade and encourage local companies to expand to other markets around the world.

The authority approved 74 projects involving overseas investment over the year, which together were valued at $1 billion, more than double the figure in 2011. Local construction contractors received oversea contracts worth a total of $3.3 billion.

The contracted value of the offshore outsourced services industry reached more than $1 billion, including $822 million in actual transactions, topping the growth rate in Shandong province.

This year, the city government plans to improve its system to attract investment and focus on Fortune 500 companies and domestic industry leaders.

It will also keep an eye on the emerging overseas markets to help local companies find export destinations. In addition to investment, the government will also pay attention to the introduction of technologies and talented people.

Contact the writers at zhangzhao@chinadaily.com.cn and xiechuanjiao@chinadaily.com.cn