Politics
From improving US-China relations to opening up the economy, here's what Xi Jinping is promising US CEOs
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The special meeting comes as the world's second-largest economy faces a massive drop in FDI due to a slowing economy, regulatory crackdowns and gloomy long-term growth prospects.
Chinese President Xi Jinping promised a “brighter future” to more than a dozen US CEOs and academics at a meeting and expressed confidence in the country's “healthy and sustainable” economy.
The meeting comes as China's economy has been facing a decline in foreign direct investment (FDI) for some time due to an economic slowdown, regulatory crackdowns and a bleak long-term outlook.
Top executives from Blackstone, Qualcomm, Bloomberg, FedEx and Pfizer were among the key participants in the special meeting. Also among the guests were Craig Allen, Chairman of the US-China Business Council, and Evan G Greenberg, Chairman of the National Committee for US-China Relations.
What does China promise to American CEOs?
In a renewed effort to woo American investors, Xi met the all-male delegation at the Great Hall of the People in Beijing after the end of the annual China Development Forum to showcase China's “bright growth prospects” and a stronger relationship between the two. countries.
Xi called for a “brighter future” between the United States and China, in a bid to repair strained ties with the Western country. Whether it is traditional areas such as economics, trade and agriculture, or emerging areas such as climate change and artificial intelligence, China and the United States must help each other stimulate their development, Xi reiterated.
Bilateral relations have already improved since his meeting with US President Joe Biden in San Francisco in November, Xi added. But geopolitical issues such as Taiwan and the South China Sea remain a bone of contention in relations between the two countries.
“The Chinese economy has not reached its peak”
Xi urged Americans to continue investing in China and promised further reforms to open the country's markets to foreign companies.
Notably, about 57% of U.S. businesses are not convinced that China will further open its markets to foreign businesses, according to a survey released last month by the American Chamber of Commerce in China.
China has announced “market-oriented” visions, such as announcing a 24-point action plan, increased tax and tax support and protection of intellectual property rights in a bid to attract investors .
Compared with a year ago, FDI in the world's second-largest economy declined by almost 20% through February 2024, underscoring the decline in global investor confidence.
The president also denied talk that China's economy was collapsing or peaking, vowing to create wider space for foreign companies.
“China's reform will not stop and its opening will not stop,” President Xi said as he promised a “law-based and world-class business environment” for foreign companies, according to a TV statement. Chinese television CCTV.
Earlier, around 100 global CEOs, as well as heads of international organizations such as the International Monetary Fund and the World Bank, were in Beijing for the annual China Development Forum.
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