(Bloomberg) — Chinese President Xi Jinping called on global business leaders to push back against protectionism, seeking to take advantage of growing backlash to rising US tariffs to promote his country as a reliable partner.
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Xi on Friday made a veiled critique of Donald Trump’s trade actions, touting China’s stability at a meeting in Beijing with some 40 corporate leaders including Stephen A. Schwarzman of Blackstone Inc., Judy Marks of Otis Worldwide Corp and Jay Y. Lee of Samsung Electronics Co. His comments came a day after the American president intensified his trade war and prompted threats of retaliation from the EU and other allies.
“Some countries are building a small yard with high fences, erecting tariff barriers, politicizing business issues, using them as tools and weapons,” Xi said at the Great Hall of the People, without naming any nation. “I hope you will share your sensible views and take actions to push back against the retrogressive rules and the zero-sum games,” he said.
Xi’s remarks are part of a campaign to court investors as slowing growth and mounting geopolitical tensions hurt the draw of the world’s second-largest economy, with inbound investment tumbling last year to its lowest in over three decades. He promised to improve market access and address their challenges of operating in the country.
“We are providing a transparent, steady and predictable policy environment,” Xi said, calling the nation a “favorite destination” for foreign investors. “Embracing China is embracing opportunities.”
The expanded guest list reflects Xi’s ambition to direct his message to a wider audience. The number of attendees — spanning finance, manufacturing and technology — more than doubled that of last year’s event, when Xi met about 20 mostly US business figures.
The benchmark CSI 300 Index of onshore Chinese stocks pared some losses to close 0.4% down, while the offshore yuan also trimmed its decline versus the US dollar.
Unlike in 2024, Xi invited reporters into the room when he gave a closing statement. Seven executives spoke in the meeting, including Aramco’s Amin H. Nasser, who pledged to expand investment in chemical production in China and praised the country for “becoming an oasis of certainty.”
Stephen Orlins, president of the National Committee on US-China Relations, who attended the meeting, said Xi sought to put a personal touch on his relationship with the companies, recalling when he first met their representatives or visited their factories even before he became China’s leader.
Executives of FedEx Corp, Mercedes-Benz Group AG, Sanofi SA, HSBC, Hitachi and SK Hynix also spoke, he said.
Sean Stein, president of US-China Business Council, who also attended, said Xi’s response to each speaker was extensive, with a level of specificity that was “quite impressive.”
“The message coming from the Chinese side was detailed. It was focused, and really took the time to analyze and discuss some of the issues that have been key pain points for multinational corporations,” he said.
Chinese officials overseeing the economy, finance, trade and national development joined the meeting, highlighting the importance Xi attached to the event.
Xi didn’t disclose in his public remarks specific new measures to benefit foreign investors in the country, who have long complained of unfair competition and policies that favor Chinese companies.
Michael Hart, president of the American Chamber of Commerce in China, said foreign companies maintain significant interest to operate in China, but worsening trade tensions are giving some pause.
“Barriers still remain and companies fear tit-for-tat actions because of the trade war,” Hart said. “China needs to deliver for companies who have already met them at least halfway.”
Several US firms have already been caught in the crossfire. Chinese authorities summoned Walmart Inc. executives this month over reports it asked suppliers to bear rising costs incurred by increased US tariffs. Beijing earlier placed Calvin Klein owner PVH Corp. and US gene sequencing company Illumina Inc. onto a so-called blacklist of entities as US tariffs took effect.
More headwinds may come next month, when the US is set to complete a review of Beijing’s compliance with the phase-one trade deal struck during US President Donald Trump’s first term and impose reciprocal duties globally. China is almost certain to retaliate any new levies on Chinese products.
Chinese Premier Li Qiang on Sunday said the country is prepared for “shocks that exceed expectations” as the government targets an ambitious growth target of about 5% this year. Economists estimate that Beijing would need to unleash trillions of yuan in stimulus to hit that goal if tariffs surge.
Many global CEOs had traveled to China for the annual China Development Forum and the Boao Forum for Asia, which concluded Friday. The meeting marks an upgrade from earlier years when China’s No. 2 official met executives on the sidelines of the CDF, although Xi broke precedent last year to meet a group of US businesspeople.
Republican Senator Steve Daines, a member of the Foreign Relations Committee, met with several Chinese leaders including Premier Li earlier this week, in what has been seen as an initial step to set up a summit between Xi and Trump.
In his speech, Xi said friction in China-US ties should be managed through dialog and called on companies to work with China to uphold the global economic order.
“Blowing out another lamp won’t make your own glow brighter, blocking another’s path and you will ultimately block your own,” Xi said.
–With assistance from Abhishek Vishnoi and Kari Lindberg.
(Updates with executive comment in 11th paragraph.)
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