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Taipei, Taiwan – Chinese President Xi Jinping meets with U.S. business leaders and academics at Beijing’s Great Hall of the People as he seeks to lure foreign investment back to China after a difficult few years for the world’s second-largest economy, state officials say. The media reported.
Wednesday’s meeting was also attended by Evan Greenberg, CEO of U.S. insurance company Chubb, as well as Stephen Orlins, chairman of the National Committee on U.S.-China Relations, and Craig Allen, chairman of the U.S.-China Business Council.
Like many Chinese national events, the event was highly staged, with footage showing attendees arranged in a square formation offset by elaborate floral installations.
The last time President Xi met with US leaders was after the APEC summit in San Francisco in November.
The meeting in Beijing provides a new opportunity to improve ties with U.S. companies and demonstrate a willingness to welcome U.S. investment in the wake of tense tensions with Washington, D.C.
Many of the world’s top executives are already in Beijing this week to participate in 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 speak 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 not the only one,” 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 wants Apple to increase investment in China, where its 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 Director 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 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,” Georgieva said, adding that reforms would He suggested 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 GDP target of 5% 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.
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