The Wall Street Journal reports that executives will include Apple CEO Tim Cook, who will attend the meeting.
Taipei, Taiwan – Chinese President Xi Jinping plans to meet U.S. business leaders in Beijing in a bid to lure foreign investment back to China after a difficult few years for the world's second-largest economy, media reported. .
Wednesday's meeting included Apple CEO Tim Cook and Blackstone chief Stephen A. Schwartzman, the Wall Street Journal reported, citing people familiar with the list. , HSBC's Noel Quinn is expected to attend.
Many of the world's top executives have already traveled to Beijing this week to attend the China Development Forum, which will be held on Sunday and Monday.
The forum's guest list includes World Bank President Ajay Banga, International Monetary Fund Managing Director Kristalina Georgieva, and representatives from more than 100 multinational companies.
While business leaders have been able to meet with a number of senior Chinese leaders in recent days, the invitation to meet with Mr. It shows a concerted effort by the government.
“Investors and executives could air their grievances at the meeting, and lobbying could have some influence, but this meeting is the best chance for investors and management to air their grievances, and lobbying could have some influence,” said Chris Bedder, deputy director of China research at Gabekal Dragonomics. I don't think that's the real purpose of that.” he told Al Jazeera.
“This is primarily about Mr. Xi sending a message. The message is that at a time when global businesses are very wary of China, the Chinese government is sympathetic to the concerns of global businesses and investors. They still want to have a presence in the country.”
Foreign direct investment into China fell by 8% last year as companies sought to scale back and “de-risk” their operations amid continued geopolitical tensions and a tougher regulatory environment.
Tightening laws on espionage and state secrets have led some companies to question whether they are truly welcome, while the COVID-19 pandemic has led to over-reliance on Chinese supply chains. attracted attention.
Still, some foreign companies have emphasized their desire to double down on investment.
Cook told Chinese media on Sunday that he hopes to increase investment in China, where Apple's flagship iPhone product has been outpaced by Huawei's homegrown models such as the Mate 60 Pro Plus.
“I think China is really opening up. I'm very happy to be here,” Cook reportedly said on the sidelines of the China Development Forum.
Others, including IMF chief Georgieva, are more nervous about China's future.
Speaking at the China Development Forum, Georgieva told policymakers that China's economy needs further market-friendly reforms to recover from the pandemic.
Despite growing 5% last year, China's economy is suffering from deflation and a persistent real estate crisis.
“China is ready to face the crossroads of whether to rely on policies that have worked in the past or update them for a new era of high-quality growth,” Georgieva said, adding that China is poised to face a crossroads between relying on policies that have worked in the past or updating them for a new era of high-quality growth. suggested that it could add $3.5 trillion to economic growth. Predict economic growth over the next 15 years.
However, in an economic situation where domestic demand is sluggish and business confidence is sluggish, a shift to growth that emphasizes consumption may be easier said than done.
Chinese authorities have long relied on mega-infrastructure projects to boost gross domestic product, requiring a shift in mindset among policymakers toward consumption-led growth.
Despite these concerns, China has set a 5% GDP target for this year and pledged to continue supporting strategic areas, among other goals outlined to attendees at the China Development Forum. .
This year's China Development Forum got off to a less eventful start than last year, due to the fallout from the Chinese government's strict pandemic control measures and the controversy over Chinese reconnaissance balloons in U.S. airspace.
“This year, U.S.-China tensions have stabilized somewhat, so the political pressure on American attendees has eased somewhat,” Bedore said.
“There were simply not that many foreign tourists visiting China in March 2023. Therefore, all kinds of foreign travel to the country has become somewhat more common compared to last year, so the number of visitors this year is “It's not surprising that it's increasing,” he said.
