Beijing, China - Chinese President Xi Jinping met with a high-profile delegation of over 40 global business leaders, including Samsung Electronics Chairman Lee Jae-yong and SK Hynix President Kwak No-jung, in Beijing on Thursday. The meeting, held at the Great Hall of the People, underscored Beijing's commitment to attracting foreign investment and its stance on the ongoing trade disputes with the United States.
The gathering, also attended by key Chinese economic officials such as Vice Premier He Lifeng and Commerce Minister Wang Wentao, brought together CEOs from a diverse range of multinational corporations. Notable attendees included Ray Dalio of Bridgewater Associates, Steve Schwarzman of Blackstone Group, as well as top executives from automotive giants BMW and Mercedes-Benz, logistics firm FedEx, pharmaceutical company Pfizer, and energy conglomerate Aramco. These executives were in China following their participation in the annual China Development Forum, a significant investment promotion event held earlier this week.
In his address, President Xi sought to reassure the assembled business leaders, stating unequivocally that "China has been, is now, and will continue to be an ideal, safe, and promising investment destination for foreign companies." He further emphasized a level playing field, promising that "foreign-invested companies producing in China will enjoy the same treatment as Chinese companies in accordance with the law." This message comes at a crucial time as some international businesses have expressed concerns about the evolving regulatory landscape and geopolitical tensions.
President Xi directly addressed the trade friction with the United States, albeit indirectly referencing the former Trump administration's policies. He advocated for resolution through dialogue, employing metaphorical language to convey his point: "Blocking others' paths will only block your own in the end. Turning off others' lights will not make your own brighter." He reiterated China's commitment to managing US-China relations based on "mutual respect, peaceful coexistence, and win-win cooperation."
Highlighting broader concerns about the global economic order, President Xi asserted that "the global trade system is facing severe challenges from unilateralism and protectionism." He called upon the assembled global business leaders to play a collaborative role in "promoting economic globalization in the right direction," emphasizing their significant influence in safeguarding the world economic order.
This meeting signifies China's ongoing efforts to project an image of openness to foreign investment, even as it navigates a complex relationship with the United States, marked by trade disputes and technology competition. While Beijing has responded firmly to US trade measures with retaliatory tariffs and export controls, particularly in the realm of critical minerals, it continues to court Western businesses, signaling its desire for continued economic engagement.
For Samsung's Lee Jae-yong, this was a significant engagement, marking his first direct interaction with President Xi in a decade. He had previously been present at a meeting during the Boao Forum in 2015 and had met Xi on three occasions in 2014, including during the Chinese President's visit to South Korea. Lee's recent itinerary in China also included visits to cutting-edge technology companies like Xiaomi's electric vehicle plant in Beijing and BYD's headquarters in Shenzhen, underscoring Samsung's interest in the evolving Chinese technology landscape. Samsung operates significant memory semiconductor manufacturing facilities in China, including in Xi'an.
The backdrop to this high-level meeting is the intense pressure China faces from the United States in the technology sector, particularly concerning semiconductors and other advanced technologies, adding another layer of complexity to the economic relationship between the two global powers.
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