27-3-2024 (BEIJING) China’s President Xi Jinping convened with American business leaders at the Great Hall of the People in Beijing on Wednesday (Mar 27), as the government seeks to entice foreign investors back into the country amidst concerns over new regulations.
Amidst efforts to bolster growth in the world’s second-largest economy this year, foreign direct investment into China witnessed an 8 per cent decline in 2023. Investor apprehension mounted due to concerns surrounding an anti-espionage law, exit bans, and crackdowns on consultancies and due diligence firms.
President Xi’s increased emphasis on national security has left many companies uncertain about navigating regulatory boundaries, despite Chinese leaders publicly extending invitations to overseas investors.
According to state media, Xi remarked, “The history of China-US relations is a history of friendly exchanges between our two peoples,” while urging both countries to “seek common ground and build more consensus”.
As the US and China gradually resume engagements after their relations hit historic lows, notable for clashes over trade policies, the status of Taiwan, and territorial disputes in the South China Sea, around 20 firms were invited to partake in Wednesday’s gathering, as disclosed by two sources familiar with the matter. The meeting lasted approximately 90 minutes, one of the sources mentioned.
Key attendees included Stephen Schwarzman, co-founder and CEO of private equity firm Blackstone, Raj Subramaniam, head of American delivery giant FedEx, and Cristiano Amon, CEO of chips manufacturer Qualcomm.
Details of the discussions at the meeting were not immediately available, organised by the National Committee on US-China Relations, the US-China Business Council, and the Asia Society think tank, all of which did not immediately respond to requests for comment.
The meeting took place in the East Hall of the Great Hall of the People, designated for significant functions, with attendees seated in a square formation around a vibrant floral installation, as depicted in a video released by state media.
This engagement with President Xi follows Chinese Premier Li Qiang’s non-meeting with visiting foreign CEOs at the China Development Forum in Beijing on Mar 24-25, raising concerns over transparency within the world’s second-largest economy.
The opportunity to exchange views with Beijing’s second-ranking leader had been a pivotal aspect of the summit in previous years.
Wednesday’s meeting builds on a dinner in November with US executives in San Francisco, where Xi received a standing ovation.
