Chinese President Xi Jinping met with American business leaders on Wednesday in Beijing as China seeks to attract foreign investors and reassure them about its slowing economy. The official CCTV reported that Xi "met this morning at the Great Hall of the People in Beijing with representatives from the American business sector." The network did not disclose the names of the participants in the meeting, but a photo released by the Ministry of Foreign Affairs showed Cristiano Amon, CEO of Qualcomm, and Stephen Schwarzman, head of the Blackstone investment group.
In the photos, Xi appeared smiling while addressing a group of men in formal suits sitting around long tables, with some taking notes. The Chinese president stated, "Differences will always exist because we are different people. Even family members have differences," at a time when China and the United States are working to enhance dialogue to overcome their disputes.
There are many contentious issues between China and the United States, ranging from trade to Taiwan, as well as competition in the electronics technology sector and struggles for influence in the Asia-Pacific region. Xi emphasized, "We must seek common ground and establish more consensus." China, facing economic slowdown and geopolitical tensions, is attempting to reassure foreign investors about the growth prospects within the country. Last year, foreign investments reached their lowest level in three decades, according to official figures.
American companies operating in China are complaining about unfair competition in a country that rarely protects intellectual property and gives local firms preferential treatment. Concerns among American groups have intensified in recent months after Chinese authorities conducted inspections and interrogations targeting American consulting firms, actions that came amid increasing competition between Beijing and Washington.
U.S. Commerce Secretary Gina Raimondo called for a more "predictable" business environment in China during her visit to Beijing in August, warning that it could ultimately be deemed "too risky" to invest there. In July, a new version of China’s anti-espionage law went into effect, granting authorities greater leeway to address what they see as threats to national security. Since then, foreign companies have been waiting for clarification on this legislation, which includes vague provisions and broadly defined terms regarding espionage.
This meeting follows a major economic forum held in Beijing, attended by several top foreign business leaders, including Apple CEO Tim Cook. Premier Li Qiang has set a target of "around 5 percent" growth for China’s GDP this year. Many developed countries aspire to such figures; however, for China, they fall short of the significant prosperity experienced in recent decades. In June, President Xi personally welcomed Bill Gates, co-founder of Microsoft, during a visit to support China’s medical research efforts, and he has also received several leaders from major American companies, including Tim Cook and Amazon founder Jeff Bezos.
