Chinese President meets CEOs of top US companies

After FDI fell, Xi Jinping met with business leaders such as Blackstone, FedEx and Qualcomm to urge them to increase investment in China.

Chinese President Xi Jinping met with US business leaders in Beijing on March 27. The world’s second-largest economy is looking to stimulate growth after foreign direct investment (FDI) fell 8% last year.

The meeting lasted about 90 minutes and involved about 20 executives, including Blackstone CEO Stephen Schwarzman, FedEx CEO Raj Subramaniam and Qualcomm CEO Cristiano Amon, and was organized by the National Committee on US-China Relations, the US-China Business Council and the Asia Society, a Reuters source said.

At the meeting, President Xi invited American businesses to “continue investing in China” and pledged to continue reforms to open the market to foreign companies, according to a statement from the country’s Foreign Ministry . “We are confident that China’s growth prospects are bright,” he said, adding that the economy has not yet peaked.

Mr Xi also called for creating a “better future” between the US and China. “Whether it is traditional areas such as economy, trade and agriculture , or new areas such as climate change and artificial intelligence, China and the US should support each other to develop together,” he said.

Chinese President Xi Jinping attends the APEC Summit Week in San Francisco in November 2023. Photo: AFP

Beijing is trying to restore confidence and stabilize trade and foreign investment as it faces its biggest economic challenges in decades. Since last year, the country has rolled out a series of stimulus policies, including a 24-point action plan announced earlier this month, to attract foreign investment and boost high-tech industries.

China’s focus on national security has made many foreign companies hesitant in recent years, even as Chinese leaders have publicly courted foreign investors. A survey last month by the American Chamber of Commerce in China found that 57 percent of U.S. companies were not confident that Beijing would open its markets more to foreign companies.

However, the US and China have recently resumed many activities, after the bilateral relationship deteriorated for many years due to trade and political issues. In November 2023, the Chinese President also had dinner with US CEOs in San Francisco.

Ha Thu (according to Reuters, CNN)

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