Lee Jae-yong, chairman of Samsung Electronics, and Kwak Noh-jung, president of SK hynix, met with global corporate chief executive officers alongside Xi Jinping, chairman of China. Xi encouraged foreign corporations to invest, promising to further open the market.
According to state-run China Central Television (CCTV) on the 28th, Xi presided over the 'International Business Leaders Conference' at the Great Hall of the People in Beijing around 11 a.m. local time. Approximately 30 global corporate CEOs attended the meeting, including Chairman Lee and President Kwak. They visited China to participate in the China Development Forum (CDF) held on the 23rd and 24th.
While the attendance list was not disclosed, Reuters and Bloomberg reported that representatives from German automakers BMW and Mercedes-Benz, U.S. courier service FedEx, global private equity firm Blackstone, the UK-based bank Standard Chartered, U.S. pharmaceutical company Pfizer, UK-based multinational pharmaceutical company AstraZeneca, Saudi state-owned oil company Aramco, Danish shipping company Maersk, French pharmaceutical company Sanofi, and Swedish furniture company IKEA were present. Alongside Xi, Chinese officials included Wang Yi, Minister of Foreign Affairs; Wang Wentao, Minister of Commerce; and Lan Fo'an, Minister of Finance.
On that day, Xi stated, "China has been, is, and will continue to be an ideal, safe, and promising investment destination for foreign corporations," adding, "We will ensure equal participation under the law for foreign-funded enterprises producing products in China." He emphasized, "China is firmly committed to advancing reform and opening up. The doors of openness will be wider open."
Regarding trade tensions with the United States, Xi noted, "Blocking the path of others ultimately only blocks your own path. Dimming another’s light does not brighten your own," and stated, "The essence of Sino-U.S. economic and trade relations is mutual benefit and win-win, and China will handle Sino-U.S. relations based on mutual respect, peaceful coexistence, and cooperative development principles."
China finds itself in urgent need of investments from global corporations. As the tariff war with the United States intensified this year, it compounded existing real estate crises and domestic slowdowns, increasing downward pressure on economic growth. According to China’s Ministry of Commerce, foreign direct investment (FDI) in China last year decreased by 27.1% compared to the previous year. Unlike last year, when Xi only met with U.S. companies after the CDF's closing, this year’s meetings with representatives from diverse countries, including South Korea, Germany, France, the UK, and Saudi Arabia, reflect the urgency for investment.
Chairman Lee, attending the CDF for the first time in two years, has been in China for about a week, engaging in meetings including one with Xi. On the 22nd, he visited a Xiaomi electric vehicle plant in Beijing, and on the 24th, he visited the headquarters of the world’s largest electric vehicle company BYD in Shenzhen, Guangdong Province. President Kwak also attended the CDF for two consecutive years following last year.