BEIJING – Chinese President Xi Jinping met American business leaders at the Great Hall of the People in Beijing on March 27, as the government tries to woo foreign investors back into the country and international firms seek reassurance over new regulations.
Beijing wants to boost growth in 2024 in the world’s second-largest economy, after foreign direct investment into China shrank 8 per cent in 2023 as investor concern grew over an anti-espionage law, exit bans and raids on consultancies and due diligence firms.
Mr Xi’s increasing focus on national security has left many companies uncertain where they might cross the line, even as Chinese leaders make public overtures towards overseas investors.
“The history of China-US relations is a history of friendly exchanges between our two peoples,” Mr Xi said, according to state media, while calling on the two countries to “seek common ground and build more consensus”.
The United States and China have been gradually resuming engagements after relations between the two economic superpowers sank to the lowest in years – clashing over trade policies, the future of democratically ruled Taiwan and territorial claims in the contested South China Sea.
Some 20 firms were invited to participate in the gathering on March 27, according to two sources with knowledge of the matter, and the meeting ran for around 90 minutes, one of the sources said.
Mr Stephen Schwarzman, co-founder and chief executive of private equity firm Blackstone, Mr Raj Subramaniam, head of American delivery giant FedEx, and Mr Cristiano Amon, the boss of chips manufacturer Qualcomm, attended the meeting, according to state media.
The two sources had no immediate comment on what was discussed at the meeting, which was organised by the National Committee on US-China Relations, US-China Business Council and Asia Society think-tank.
The three organisations did not immediately respond to requests for comment on the meeting.
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.
The audience with Mr Xi follows Chinese Premier Li Qiang not meeting visiting foreign chief executives at the China Development Forum in Beijing on March 24 to 25, which prompted concerns over transparency in the country.
The chance to exchange views with Beijing’s second-ranking leader had become a key element of the summit in previous years.
The meeting on March 27 followed on from a dinner in November with US executives in San Francisco, where Mr Xi received a standing ovation. REUTERS
