490 Fortune Global 500 companies have invested in China, said the country’s Ministry of Commerce (MOFCOM) at a press conference on Wednesday.

Thanks to China’s reform and opening up, transnational companies bring capital, technology and management experience to China. In return, they are rewarded with an expanded market. Additionally, they play an important role in safeguarding the multilateral economic system and building fair and reasonable international relations.

Hao Hongmei, vice-director of the Foreign Investment Institute at Chinese Academy of the International Trade and Economic Cooperation, noted that the increasing investment in China from transnational corporations indicated the trend of economic globalization, and reflected China’s in-depth integration into the global industrial and value chains.

She attributed China’s appeal to the country’s further opening up and continuously improved trade liberalization and facilitation.

According to Vice Minister of Commerce Qian Keming, thanks to the accelerated internationalization of Chinese enterprises, 129 Chinese companies made it into the Fortune Global 500 list this year, up from only 11 18 years ago.