Chinese President Xi Jinping has called on global business leaders to oppose protectionism, positioning China as a dependable ally in the face of increasing opposition to rising US tariffs. In a veiled critique of Donald Trump’s trade policies, Xi emphasized China’s stability and pledged to enhance market access while addressing the concerns of foreign investors.
These statements are part of a broader effort to attract investment as China’s economic growth slows, geopolitical tensions increase, and inbound investment has fallen to its lowest level in three decades. Xi promised a transparent and predictable policy environment, describing China as a “favorite destination” for foreign investors.
The meeting’s expanded guest list, including executives from finance, manufacturing, and technology, reflects Xi’s intent to reach a wider audience. Attendees included Aramco’s Amin H. Nasser, who pledged to increase investment in China, and executives from FedEx Corp, Mercedes-Benz Group AG, Sanofi SA, HSBC, Hitachi and Hynix.
While Xi’s detailed responses impressed attendees, concerns about unfair competition and policies favoring Chinese companies persist among foreign investors. The American Chamber of Commerce in China acknowledged continued interest in operating in China but noted that worsening trade tensions are causing some companies to hesitate.
Several US firms have already felt the impact of these tensions, with Chinese authorities taking action against companies like Walmart Inc., PVH Corp., and Illumina Inc.
Xi’s meeting is seen as a step up from previous years and follows Republican Senator Steve Daines’ meetings with Chinese leaders, signaling efforts to potentially arrange a summit between Xi and Trump. In his address, Xi stressed the importance of dialogue in managing US-China relations and urged companies to support the global economic order.