Chinese leader Xi Jinping held court with dozens of the world’s top executives on Friday, as he sought to bolster foreign investment during an escalating trade war with the United States.
The meeting, in which Xi reassured global investors about the country’s economic prospects to arrest a slide in foreign investment, comes just days before US President Donald Trump is due to announce a mega batch of tariffs targeting America’s many trading partners.
Touting China as a “fertile ground for foreign enterprises to invest and thrive,” Xi made his pitch to over 40 executives including FedEx CEO Raj Subramaniam and Qualcomm chief Cristiano Amon to expand their investments in the country.
“China has always been, is and will inevitably continue to be an ideal, safe and promising destination for foreign investment,” he said, according to an official readout provided by the state-run Xinhua news agency.
Xi reiterated a pledge to improve market access, ensure equal treatment for foreign businesses and strengthen communication with foreign investors. Foreign companies contribute one-third to China’s imports and exports and one-seventh of its tax revenue, while creating over 30 million jobs, he added.
Xi called on multinational corporations, which he said wield “significant international influence” to “speak up with reason, take pragmatic action, and resist any attempts to turn back the clock on progress.”
He seemingly took a swipe at Trump by urging foreign businesses to “not blindly follow actions that disrupt the safety and stability of the global industrial supply chain.”
“Blocking others’ paths will ultimately only obstruct your own,” he said. “Decoupling and breaking supply chains harm everyone and lead nowhere.”
Several executives — Subramaniam, Daimler AG’s Ola Källenius, Sanofi CEO Paul Hudson and HSBC CEO Noel Quinn — spoke during the meeting, according to state media. Other executives present included Bridgewater Associates’ founder Ray Dalio, BMW chairman Oliver Zipse and Toyota chairperson Akio Toyoda, according to a live stream of the event.
Many foreign executives have stayed on in Beijing following last weekend’s China Development Forum, where Premier Li Qiang asked them to “resist protectionism” in a world of “growing instability and uncertainty.”