From better US-China relations to opening up the economy, here's what Xi Jinping is promising American CEOs

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The special meeting comes as world's second largest economy has been facing a massive FDI slump due to a slower economy, regulatory crackdowns and bleak long-term growth prospects

Chinese President Xi Jinping with representatives from American business in Beijing. Source: Xinhua/ AP

Chinese President Xi Jinping promised a 'brighter future' to over a dozen American CEOs and academics in a meeting and resounded confidence in the country's "sound and sustainable" economy.

The meeting comes as the Chinese economy has been facing a foreign direct investment (FDI) slump for quite some time due to a slower economy, regulatory crackdowns, and bleak long-term prospects.

Senior executives from Blackstone, Qualcomm, Bloomberg, FedEx, and Pfizer were among the major attendees for the special meeting. President of the US-China Business Council Craig Allen, and National Committee on US-China Relations Chair Evan G Greenberg were also among those invited.

What is China promising the American CEOs?

In a renewed effort to woo US investors, Xi met the all-men delegation at the Great Hall of People in Beijing after the end of the annual China Development Forum to pitch the "bright growth prospects" in China and a stronger relationship between the two countries.

Xi called for a "better future" between US and China, in a move to mend its strained ties with the Western country. "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," Xi reiterated.

Bilateral relations have already shown improvement since he met with US President Joe Biden in San Francisco in November, Xi added. But geopolitical issues like Taiwan and the South China Sea continue to remain a bone of contention in countries' relationship.

'Chinese economy hasn't reached its peak'

Xi invited the Americans to "continue to invest in China" and pledged further reforms to open the country's markets to foreign firms.

Notably, around 57 per cent of American firms lacked confidence that China would further open its markets to foreign companies, a survey released by the American Chamber of Commerce in China last month said.

China announced "market-oriented" visions such as announcing a 24-point action plan, increased tax and fiscal support, and protection of intellectual property rights in a bid to lure investors.

From a year ago, FDI in the world's second-largest economy shrank by nearly 20 per cent till Feb 2024, underscoring lowered confidence among global investors.

The president also rubbished the narratives that the Chinese economy was "collapsing" or "reaching its peak", vowing to create "broader room" for foreign businesses.

"China's reform will not stop and its opening up will not stop," President Xi said as he promised a "law-based and world-class business environment" to foreign companies, as per a statement by Chinese broadcaster CCTV.

Earlier, about 100 global CEOs, as well as the heads of international organisations such as the International Monetary Fund and the World Bank, were in Beijing for the annual China Development Forum.