China: Xi Jinping meets US executives, tries to woo foreign investors

At the Great Hall of the People in Beijing on Wednesday, Chinese President Xi Jinping met with American business leaders. This is part of the government’s efforts to win back foreign investors and multinational companies that are looking for assurances over the effects of new rules.

Beijing hopes to accelerate the expansion of the second-biggest economy in the world after FDI declined by 8% in 2023 as a result of investor anxiety over an anti-espionage law, exit restrictions, and raids on consultancies and due diligence businesses.

Even though Chinese leaders openly court international investors, many businesses are unsure of when to cross the line due to Xi’s growing emphasis on national security.

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“China’s development has gone through all sorts of difficulties and challenges to get to where it is today,” Xi said, according to state media.

“In the past, (China) did not collapse because of a ‘China collapse theory’ and it will also not peak now because of a ‘China peak theory,’” he added.

Stephen Schwarzman, co-founder and CEO of private equity firm Blackstone, Raj Subramaniam, head of American delivery giant FedEx, and Cristiano Amon, the boss of chips manufacturer Qualcomm were part of the around 20-strong all-male U.S. contingent.

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The audience with Xi - organised by the National Committee on U.S.-China Relations, the U.S.-China Business Council and the Asia Society think tank - lasted around 90 minutes, according to a person with direct knowledge of the matter.

The source, who declined to be named as they were not authorised to speak to the media, had no immediate comment on what was discussed and the three organisations did not immediately respond to requests for comment on the meeting.

The U.S. and China are gradually resuming engagements after relations between the two economic superpowers sank to their lowest in years due to clashes over trade policies, the future of democratically ruled Taiwan and territorial claims in the South China Sea.

The gathering took place in the East Hall of the Great Hall of the People, which is reserved for important functions. Attendees sat in a square formation around a large red, orange and green floral installation, a video released by state media showed.

Commerce minister Wang Wentao, top diplomat Wang Yi and the head of China’s state planner, Zheng Shanjie, sat alongside Xi.

The audience with Xi comes after Chinese Premier Li Qiang did not hold a meeting with visiting foreign CEOs at the China Development Forum in Beijing on March 24-25. The chance to exchange views with Beijing’s second-ranking leader was a key element of the summit in previous years.

Wednesday’s meeting followed on from a dinner in November with U.S. executives in San Francisco, where Xi received a standing ovation.

(With agency inputs)