China’s Xi meets American CEOs to boost confidence in world’s second largest economy

Chinese leader Xi Jinping met more than a dozen US CEOs and academics on Wednesday as Beijing renewed efforts to woo back foreign investors and mend strained relations with the United States.

Chinese leader Xi Jinping met more than a dozen US CEOs and academics on Wednesday as Beijing renewed efforts to woo back foreign investors and mend strained relations with the United States. Foreign direct investment in China has slumped in recent months as a combination of slower growth, regulatory crackdowns, onerous national security legislation and questions about the country’s long-term prospects have shaken confidence in the world’s second biggest economy. The group of CEOs included Cristiano Amon of Qualcomm (QCOM), Raj Subramaniam of FedEx (FDX) and Stephen Schwarzman of the Blackstone Group (BX). Xi invited US businesses to “continue to invest in China” and pledged further reforms to open the country’s markets to foreign firms, according to a readout of the meeting published by the foreign ministry. “China’s growth prospects are bright, and we have the confidence,” he said, adding that the country’s economy has not yet peaked. Xi also called for “a better future” between China and the US. “Whether it is traditional fields such as economy, trade and agriculture, or emerging fields such as climate change and artificial intelligence, China and the United States should help boost each other’s development,” he said.