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(Bloomberg) — President Xi Jinping met in Beijing with an organization of U. S. business leaders, including Blackstone’s Stephen Schwarzman and Qualcomm Inc. ‘s Christian Amon, as China seeks to restore confidence in the economy and strong relations with the United States.
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The Chinese leader met with representatives of the U. S. business, strategic and educational communities on Wednesday, the official Xinhua news firm reported. State broadcaster CCTV named several leaders present at the assembly and said Xi took a corporate photo with attendees ahead of the event.
China is seeking to show it welcomes foreign companies, but tensions with Washington, a fragile economic recovery and raids on consulting firms have dampened investor enthusiasm. For world leaders, the assembly is an opportunity to underscore their interest in participating in China’s giant market despite rising geopolitical tensions and China’s moves to favor local competitors.
Other attendees include Raj Subramaniam, chief executive officer of FedEx Corp. ; Evan Greenberg, chief executive of insurer Chubb Ltd. ; Stephen Orlins, chairman of the National Committee on U. S. -China Relations; Craig Allen, president of the U. S. -China Business Council; and Mark Carney, president of Bloomberg Inc. , according to CCTV.
U. S. -China relations stabilized after Xi met with President Joe Biden in San Francisco in November, even as the two countries continue to fight over a wide range of issues, from industrial 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 U. S. and U. K. accused Chinese state-backed hackers of politicians, businesses, and dissidents, as well as stealing gigantic amounts. knowledge of British voters.
Relations with the U. S. are likely to deteriorate, and former President Donald Trump has already promised big price lists in his election crusade that could virtually wipe out industry between the two countries. Trump’s rhetoric may simply increase pressure on Biden to take tougher steps as he moves forward. Election Day is approaching.
Read more: Tim Cook’s love for China is helping Xi combat fears of an economic slowdown
China appears to be stepping up its contacts with foreign investors as it seeks to reach an annual expansion target of around 5 percent, an ambitious target according to some economists. The Ministry of Commerce pledged in January to hold a monthly roundtable with foreign companies to listen to and address their concerns.
Yet investors have complained about the whiplash as China pursues its twin goals of progress and security, and executives hear warm words only to see the government crack down on consulting firms, expand an unclear anti-espionage law and limit data. It also led policymakers to rethink the balance between the dangers and rewards of doing business at home.
Before the pandemic, Xi used to hold more normal meetings with leaders on occasions such as the annual Boao Forum for Asia, described as China’s Davos. He is not expected to attend this year’s conference, which began Tuesday in Hainan.
Read more: U. S. CEOs Expand Their China Presence by Inviting Them to Meet Xi at the Last Minute
Many U. S. CEOs are in Beijing for the annual China Development Forum, which brings together global business leaders and Chinese officials. Some leaders who attended the convention extended their stay or moved past scheduled appointments to meet Xi after receiving an official invitation last week. Bloomberg News reported.
(Updates with the names of the CEOs who attended the meeting and more context throughout)
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