(Bloomberg) — President Xi Jinping met in Beijing with a group of U.S. business executives, including Blackstone’s Stephen Schwarzman and Qualcomm Inc.’s Cristiano Amon, as China seeks to restore confidence in the economy and maintain stable relations with the United States. .
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The Chinese leader met with representatives of the American business, strategic and academic communities on Wednesday, the official Xinhua news agency said. State broadcaster CCTV named a number of leaders present at the meeting and said Xi took a group photo with participants before the event.
China is trying to show it welcomes foreign businesses, but tensions with Washington, a fragile economic recovery and raids on consulting firms have dampened investor enthusiasm. For world leaders, the meeting was an opportunity to highlight their interest in participating in China’s giant market despite worsening geopolitical tensions and China’s moves to favor local competitors.
Other participants include Raj Subramaniam, CEO of FedEx Corp. ; Evan Greenberg, CEO of insurer Chubb Ltd. ; Stephen Orlins, chairman of the National Committee on U.S.-China Relations; Craig Allen, Chairman of the US-China Business Council; and Mark Carney, chairman of Bloomberg Inc., according to CCTV.
Relations between the United States and China stabilized after Xi met with President Joe Biden in San Francisco in November, although the two countries continue to feud over a wide range of issues from trade restrictions to accusations of cyberattacks.
On Tuesday, China said it had filed a complaint with the World Trade Organization over U.S. subsidies for electric vehicles. Earlier in the week, the US and UK accused state-backed Chinese hackers of targeting politicians, businesses and dissidents, as well as stealing large amounts of voter data British.
Relations with the United States are at risk of deterioration, with former President Donald Trump already promising massive tariffs during his election campaign that could reduce trade between the two countries to virtually nothing. Trump’s rhetoric could increase pressure on Biden to take tougher action as Election Day approaches.
Read more: Tim Cook’s love of China helps Xi combat economic slowdown fears
China appears to be intensifying its contacts with foreign investors as it seeks to achieve an annual growth target of around 5%, a target considered ambitious by some economists. The Commerce Ministry pledged in January to hold a monthly roundtable with foreign businesses to hear and address their concerns.
However, investors have complained of whiplash as China pursues its twin goals of development and security, with leaders hearing warm words only to see authorities investigate consulting firms, extend a vague anti-espionage law and restrict access to data. A structural economic slowdown has also led leaders to reevaluate the balance of risks and rewards of doing business in the country.
Before the pandemic, Xi used to hold more regular meetings with leaders at events such as the annual Boao Forum for Asia, sometimes described as China’s Davos. He is not expected to attend this year’s conference, which began Tuesday in Hainan.
Read more: US CEOs extend stay in China with last-minute meeting with Xi
Many U.S. CEOs are in Beijing for the annual China Development Forum, which brings together global business leaders and Chinese officials. Some leaders attending the conference extended their stays or moved previously planned appointments in order to meet with Xi after receiving an official invitation last week, Bloomberg News reported.
(Updated with names of CEOs who attended the meeting and additional context throughout)
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