President Xi Jinping met in Beijing with a group of American business leaders, including Stephen Schwarzman of Blackstone Inc. and Cristiano Amon of Qualcomm Inc., as China seeks to restore confidence in the economy and keep relations with the United States on a stable footing .
The Chinese leader met on Wednesday with representatives of American business, strategy and science. State broadcaster CCTV named some of the participants and said they took a group photo before the event.
Other participants in the all-male meeting include Raj Subramaniam, CEO of FedEx Corp.; Evan Greenberg, CEO of insurer Chubb Ltd.; Stephen Orlins, president of the National Committee on US-China Relations; Craig Allen, president of the US-China Business Council; and Mark Carney, chairman of Bloomberg Inc.
The meeting lasted more than an hour and a half, with delegates asking questions and Xi answering them, according to a person familiar with the matter, who asked not to be identified because it was a private event. Xi said he sees no need for a decoupling between Washington and Beijing and that he wants American companies to invest in China, the person said.
Xi also acknowledged problems with the domestic economy, adding that officials can handle them and China's economy has not yet peaked, the person said, describing the talks as frank and frank.
China's Foreign Ministry did not immediately respond to a request for comment on the details of the meeting. During a regular briefing on Wednesday, Xi said he had outlined China's position to CEOs.
Beijing is trying to show it welcomes foreign companies, but intense tensions with Washington, a shaky economic recovery and crackdowns on consulting firms have dampened investor enthusiasm. For global executives, the meeting was an opportunity to underline their interest in participating in the Chinese market despite rising geopolitical tensions and moves in China to favor local competitors.
China and the United States should “strive for common ground on important issues and reserve differences on smaller issues,” Xi said, according to a readout of the meeting.
“China's reform will not stop and its opening-up will not stop,” he said. The country is planning “major measures to comprehensively deepen reforms” and build a “first-class business environment,” he added.
Other participants in the all-male meeting include Raj Subramaniam, CEO of FedEx Corp.; Evan Greenberg, CEO of insurer Chubb Ltd.; Stephen Orlins, president of the National Committee on US-China Relations; Craig Allen, president of the US-China Business Council; and Mark Carney, chairman of Bloomberg Inc.
According to Harvard scholar Graham Allison, who attended the meeting on Wednesday, Xi also spoke of avoiding the “Thucydides trap,” describing an inevitable conflict between a rising power and an established power. The president said the U.S. and China must balance their competition with the recognition that the survival of each nation requires their simultaneous cooperation, Allison added.
U.S.-China relations have stabilized after Xi met with President Joe Biden in San Francisco in November, although they continue to clash over a wide range of issues ranging from trade restrictions to allegations of cyberattacks.
On Tuesday, China said it had filed a complaint with the World Trade Organization over U.S. subsidies for electric vehicles. Earlier this week, the US and UK accused state-backed Chinese hackers of targeting politicians, businesses and dissidents and stealing reams of British voter data.
Relations with the US could deteriorate as former President Donald Trump announced massive tariffs during the election campaign that could shrink trade between the two nations to virtually zero. Trump's rhetoric could increase pressure on Biden to take tougher measures in the run-up to Election Day.
China appears to be stepping up its outreach to foreign investors as it aims to hit an annual growth target of around 5%, a target seen as ambitious by some economists. The Commerce Department promised in January to hold a monthly roundtable meeting with foreign companies to hear and address their concerns.
But investors have complained of whiplash as China pursues its dual goals of development and security. Executives heard warm words, only to see authorities investigate consulting firms, expand a vague anti-espionage law and restrict access to data. A structural economic slowdown has also led executives to reassess the balance between risks and opportunities for operating in the country.
Before the pandemic, Xi met with leaders more regularly at events such as the annual Boao Forum for Asia, sometimes referred to as China's Davos. He is not expected to attend this year's conference, which began on Tuesday in Hainan.
Many U.S. CEOs are in Beijing for the annual China Development Forum, which brings together global business leaders and Chinese officials. Some executives attending the conference extended their stay or postponed previously scheduled appointments to meet with Xi after receiving a formal invitation last week, Bloomberg News reported.
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