Xi Jinping Meets American CEOs In Effort to Mend China-US Business Ties

China’s President Xi Jinping met with American business leaders in Beijing to rekindle foreign investment interests.

What Happened: Reuters reported that President Xi Jinping met with American business leaders at the Great Hall of the People in Beijing on Wednesday. Around 20 firms attended the meeting, which lasted approximately 90 minutes.

The meeting was organized by the National Committee on U.S.-China Relations, the U.S.-China Business Council, and the Asia Society think tank. The three organizations have not yet commented on the meeting.

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Notable attendees included Stephen Schwarzman, co-founder and CEO of private equity firm Blackstone Inc BX, Raj Subramaniam, head of American delivery giant FedEx Corp FDX, and Cristiano Amon, the boss of chips manufacturer Qualcomm Inc QCOM, according to state media.

The meeting comes after a decline in foreign direct investment into China, attributed to concerns over new regulations, including an anti-espionage law, exit bans, and raids on consultancies and due diligence firms.

Why It Matters: The meeting between President Xi and American business leaders is significant in the context of the fluctuating U.S.-China relations. This comes at a time when U.S. intelligence agencies have warned of an increasingly fragile global order due to the challenges posed by China and Russia, the two primary rivals to the United States.

China has set an ambitious growth target of 5% for 2024, aiming to revamp its economic model. However, this goal is challenged by the nation’s post-COVID recovery and structural imbalances. Despite China’s low valuation, Goldman Sachs has cautioned against investing in China due to the country’s unclear policy and economic data.

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