The Wall Street Journal is reporting that Chinese President Xi Jinping plans to meet U.S. business leaders in Beijing next week, following the China Development Forum, to attract American firms amidst foreign capital exodus.
According to the article:
- Scheduled attendees include Chubb’s CEO Evan Greenberg, Stephen Orlins from the National Committee on U.S.-China Relations, and Craig Allen from the U.S.-China Business Council, with the list still being finalized. Also expected are CEOs from major companies like Apple, Blackstone, Citadel, HSBC, Micron Technology, AMD, Exxon Mobil, Cargill, Bristol-Myers Squibb, Pfizer, Starbucks, Mondelez International, and HP.
- The China Development Forum will address topics like China’s economic growth, artificial intelligence, and climate change, amid economic slowdown and foreign investment decline in China.
This year marks a significant increase in American CEO attendance at the forum, with 34 of over 85 executives from U.S. multinationals, contrasting with last year’s lower participation due to strained U.S.-China relations.
The meeting with Xi aims to follow up on a dinner in San Francisco in November, part of efforts to ease bilateral tensions, though previous engagements have not significantly reassured U.S. executives concerned about China’s focus on national security.
China – representing the 2nd largest economy in the world – is key for global businesses, but it is a two-way street. Risks are elevated from data transfer to the oft mentioned concerns on aggression toward Taiwan. Nighmares from supply chain during the pandemic are also still in the back of business leaders minds. Is there a softening from China? It seems so, but will the level of trust be as strong? Time will tell, but advantage US with their stronger economy.