Xi Jinping walks with US business representatives after talks in Beijing’s Great Hall of the People. -AP
By The Smartencyclopedia Staff & Agencies
Beijing, China – China’s President Xi Jinping has held a meeting with US business leaders at the prestigious Great Hall of the People in Beijing, signaling the government’s efforts to attract foreign investors back into the country amid concerns over new regulations and national security measures.
Economic Boost and Investor Confidence
The meeting comes at a critical time as Beijing aims to stimulate growth in the world’s second-largest economy. Foreign direct investment into China experienced an eight percent decline in 2023, primarily due to growing investor apprehensions surrounding an anti-espionage law and increased scrutiny on consultancies and due diligence firms.
Xi’s Reassurances
During the meeting, President Xi emphasized China’s resilience in overcoming challenges and reiterated the nation’s commitment to sustained development. “China’s development has gone through all sorts of difficulties and challenges to get to where it is today,” Xi stated, as reported by state media. He further emphasized, “In the past, (China) did not collapse because of a ‘China collapse theory’ and it will also not peak now because of a ‘China peak theory.'”
Prominent Attendees
Among the notable figures in attendance were Stephen Schwarzman, co-founder and CEO of Blackstone, Raj Subramaniam, head of FedEx, and Cristiano Amon, CEO of Qualcomm. The approximately 20-member US delegation engaged in discussions with President Xi for about 90 minutes.
Engagement Amid Tensions
The meeting signifies a gradual thaw in US-China relations, which have been strained over trade disputes, geopolitical tensions, and differing policies on issues like Taiwan and the South China Sea. The dialogue aims to foster mutual understanding and cooperation between the two economic giants.
Reservations and Transparency Concerns
The gathering follows concerns raised after Chinese Premier Li Qiang opted not to meet foreign CEOs at the China Development Forum in March, raising questions about transparency in China’s economic policies. The absence of such engagements at the summit, previously considered a vital platform for dialogue, had sparked uncertainties among investors and stakeholders.
Continued Dialogues
Wednesday’s meeting builds upon previous interactions between US executives and Chinese leadership, including a dinner in San Francisco last November, where President Xi received a standing ovation from attendees. Such engagements underscore the importance of constructive dialogue in navigating the complex dynamics of the US-China relationship.
As both nations seek to address economic challenges and foster cooperation, the dialogue between President Xi and US business leaders represents a significant step towards enhancing bilateral ties and promoting global economic stability.