Chinese President Xi Jinping reaffirmed China’s commitment to globalization, telling top business leaders that despite rising trade tensions, economic integration remains inevitable. His remarks come as China faces mounting pressure from U.S. tariffs and geopolitical uncertainties.
Xi Stresses the Need for Multilateralism
Speaking at the Great Hall of the People in Beijing, Xi met with global executives, including hedge fund billionaire Ray Dalio and Samsung Electronics’ Lee Jae-yong. He warned that unilateralism and protectionism were increasing, posing severe challenges to global trade.
“Multilateralism is the only way to address the world’s economic difficulties,” Xi stated. He emphasized that economic globalization is an unstoppable historical trend and urged nations to work together to uphold the global economic order.
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China Seeks to Attract Foreign Businesses
China is actively wooing foreign investors as trade pressures threaten its already fragile economic growth. Xi assured international companies that China’s doors would open wider for business.
He also pledged that China would continue liberalizing trade and investment policies, reinforcing its stance as a defender of the multilateral trading system. This message comes amid escalating trade tensions with the United States, where recently imposed tariffs are affecting China’s export-driven economy.
Concerns Over Business Environment
While Beijing promises a welcoming environment for foreign investors, many international firms have long raised concerns about unfair business practices. Complaints include:
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Intellectual property theft
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Lack of regulatory transparency
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Unequal competition with local firms
Additionally, China’s counterespionage law, introduced in 2023, has further dampened foreign investor confidence. Companies have reported increased scrutiny and regulatory challenges, making it harder to operate in China.
Recent Developments in U.S.-China Relations
Amid tensions, there was a rare positive development this week. U.S. due diligence firm Mintz Group confirmed that China had released five local employees who were detained during Beijing’s crackdown on foreign consultancies. Their release signals a possible softening stance on foreign businesses.
China’s Commitment to Trade Growth
Despite challenges, China remains focused on expanding its role in global trade. Xi assured business leaders that foreign enterprises operating in China can leverage their strengths and succeed in the global market.
His message was clear: China is open for business, and despite rising trade barriers, globalization will continue to shape the future of the world economy.
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