Politicians, experts and scholars spoke highly of the positive message delivered after Chinese President Xi Jinping’s meeting with a group of top American business leaders in Beijing recently, where Xi doubled down on efforts towards further opening up.
Xi welcomed the U.S. delegation, consisting of elite American representatives from business, strategic and academic communities, on Wednesday, expressing confidence in China’s economic growth through advancing high-quality development and Chinese modernization. Stephen Schwarzman, chairman and CEO of the Blackstone Group, was at the meeting.
“The Chinese economy is sound and sustainable,” Xi told the delegation, elaborating on the slew of measures the world’s No. 2 economy has put forth for the goal of a world-class business environment while slamming predictions of the “China collapse theory.”
Beijing recently eased restrictions on foreign investment. The country pledged to facilitate data flow at lower costs for foreign financial institutions and deliver national treatment for foreign businesses. Experts said Xi’s warm welcome this time is another great impetus for foreign businesses.
“Indeed, the Chinese government wants to encourage American companies to remain, to expand in the China market. That is welcome information (for) American executives, and I think that follows on the very positive meeting that President Xi had last November in San Francisco when he met with many of the same executives,” Amy Celico, former senior director for China affairs at the Office of the U.S. Trade Representative, told CGTN in an interview.
Last November, Xi flew to San Francisco for a meeting with his counterpart Joe Biden and the 30th APEC Economic Leaders’ Meeting. Optimism gradually grew after the duo’s meeting. Beijing and Washington have reestablished communication and maintained frequent interactions across various sectors in the following months.
Data from China’s Ministry of Commerce shows that in 2023, China’s actual use of foreign investment reached $163.3 billion, down from a peak in 2022 but still the third highest annual level ever.
“For American businesses, the commitment to China and the deep engagement with the Chinese market … has remained unchanged over the past two or three years,” Joseph Luc Ngai, chairman of Greater China at global consulting firm McKinsey & Company, was quoted by The Global Times as saying at the recently concluded China Development Forum (CDF).
“You’ve got the legal and regulatory framework where that’s definitely improved,” commented Jeremy Hsilu Tai, vice president of Springs Capital (Beijing) Co., Ltd., in an interview with CGTN at the Boao Forum for Asia.
At the Friday-concluded forum, China made it clear once again that it will further optimize its business environment and that the doors will never close. “Openness is the hallmark of contemporary China. China’s door to the world will never close, but will only open wider,” said China’s top legislator, Zhao Leji in his keynote speech at the forum.
“In terms of whether it’s dividends or buybacks, or just in terms of some of the government structures, I think that’s very positive for capital markets. In general, it’s something that resonates very strongly with some of the international investors that are out there,” Tai said.