China Economy
China rolls out the red carpet for foreign CEOs, but investors ‘cautiously reconnecting’ after reopening
The China Development Forum, the first in-person conference with foreign executives since borders reopened in January, was attended by 69 foreign CEOs
While their presence is a vote of confidence in the Chinese market, there are lingering concerns about Beijing’s commitment and the evolving geopolitical situation
Kinling Lo
Kinling Lo in Beijing
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Published: 10:05am, 29 Mar, 2023
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Some 69 foreign CEOs and 20 other guests from academia and international organisations attended the China Development Forum in Beijing this week. Photo: Xinhua
Some 69 foreign CEOs and 20 other guests from academia and international organisations attended the China Development Forum in Beijing this week. Photo: Xinhua
Foreign CEOs have taken a “cautious” approach and are awaiting “real action”, despite China’s fresh promise of a better business environment and its determination to keep overseas investors onshore at a recently concluded high-level business forum.
The China Development Forum, the first in-person conference with foreign executives since borders reopened in January, was attended by an audience made up of 69 foreign CEOs, and 20 other guests from academia and international organisations – many of whom were setting foot on Chinese soil for the first time in three years.
While their presence is a vote of confidence in the Chinese market, there are concerns about whether the country can honour its pledges and the evolving geopolitical situation, according to the foreign business community.
Joerg Wuttke, president of the European Union Chamber of Commerce in China (EuCham), said global companies have been eager to return to the country and reconnect with the business community.
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“They are also cautiously reconnecting with China and need to observe how the country will address urgent economic issues such as sinking export, the unravelling of its real estate, local government debt and US tech containment, and whether the government will take long-awaited actions to open market access to foreign investors,” Wuttke said.
According to the official guest list, among the foreign business leaders who attended were Mike Henry, CEO of Australian mining company BHP; HSBC chief Noel Quinn; Stephen Schwarzman, the founder of US private equity firm Blackstone; Samsung’s chairman Jay Y. Lee, and a number of leaders from German carmakers such Mercedes-Benz and BMW.
Beijing’s red carpet welcome for foreign investors comes as the world’s second largest economy faces a range of headwinds, including an stubbornly high youth unemployment rate, a domestic economic slowdown, aggressive US interest rate increases and market disturbances triggered by Russia’s invasion of Ukraine.
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Beijing has set this year’s gross domestic product growth target at “around 5 per cent”, after registering growth of just 3 per cent last year, the second lowest since 1976.
Beijing is also facing greater hostility from Washington, which has kept high tariffs on Chinese goods and stepped up technological containment.
Speaking at a lunch meeting on Monday, foreign minister Qin Gang blamed the US for decoupling and countering China’s rise with tech-related sanctions, which he said “will not only block the US’ but the world’s development”.
