Politics
Xi Jinping meets global business leaders in the midst of trade tensions
Xi Jinping, a high chief of Chinas, met leaders of Saudi Aramco, BMW, Toyota Motor, Fedex and dozens of other foreign companies in the large room of people in Beijing on Friday while China seeks to stimulate foreign investments as part of the worsening of trade relations between China and the United States.
It was the third time that Mr. Xi has encountered multinational leaders in the last 17 months, courting investments as slow growth and the tightening of national security laws have made global companies to make big bets in China.
New foreign investments in China have dropped considerably in recent years. An exception is the German automotive industry, which sees China, the largest automotive market in the world, as a place to try to compete with increasingly formidable national car manufacturers.
German car manufacturers represented half of the new European Union investments last year, according to Rhodium Group, a consulting company. BMW has increased its participation in a Chinese joint venture and announced this week that it would use artificial intelligence technology developed with the Chinese giant of Alibaba technology in its assistant in the car.
A huge new Volkswagen electric car factory in central China was one of the few new manufacturing facilities built by foreign companies in China last year. Volkswagen also bought a small participation in a Chinese car manufacturer, Xpeng, as part of an approach that it describes as in China, for China.
The meeting with Mr. XI intervened four days after the Chinese development forum, an annual economic and financial event which attended world leaders have attended. Tim Cook of Apple, Stephen Schwarzman of the Blackstone group and the leaders of Astrazeneca, Cargill, Pfizer and Fedex, among others, were in Beijing to attend the forum with the presidents of dozens of Chinese companies.
Speaking at the Forum, Ola Kllenius, the director general of Mercedes-Benz, explained how her business had invested in Chinese engineering, including $ 2 billion spent in China for a long wheelbase car.
Oliver Zipse, the director general of BMW, said that Germany had not only invested $ 16 billion since 2010 in its operations in Shenyang in northeast China, but also filed an objection in the European Union for tariffs exported from China to Europe.
China typed $ 116 billion in foreign investment last year, compared to $ 163 billion compared to the previous year and a peak of $ 189 billion in 2022, according to the Chinas Ministry of Commerce. Much of this money comes from the reinvestment of the profits of existing operations.
Tensions between Washington and Beijing have discouraged US companies from making new investments.
The laws of national security still tight have discouraged certain investors. Five Chinese employees of the Mintz group, an American company consulting company, were released after two years in detention, the firm announced this week. Companies such as the Mintz group that do reasonable research or diligence for companies have mainly withdrawn from China, leaving multinationals without the support they need to verify whether potential investments will be confronted with legal, environmental or political problems.
Another problem for foreign companies in China, according to surveys by foreign chambers of commerce, is the deterioration of the internal market. Many industries suffer from serious overcapacity and a drop in prices. The potential to make a profit of new investments is limited.
Siyi Zhao And Berry Wang contributed research.
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Sources 2/ https://www.nytimes.com/2025/03/28/business/china-xi-ceos-mercedes-bmw-qualcomm.html The mention sources can contact us to remove/changing this article |
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