BEIJING: In an effort to allay international companies’ worries about the state of the Chinese economy in the face of potential more US tariffs, Chinese President Xi Jinping called on a meeting of multinational CEOs on Friday to safeguard global industry and supply chains. Beijing is fighting to allay concerns that the world’s second-largest economy, which has been having difficulty recovering since the pandemic, could be further constrained in its growth by a renewed trade battle with US President Donald Trump.
Business sentiment is also being drained by long-standing concerns about China’s tightening restrictions, sudden crackdowns on foreign enterprises, and an unfair playing field that favours state-owned Chinese corporations.
Xi told the business leaders, who included the executives of AstraZeneca, FedEx, Saudi Aramco, Standard Chartered, and Toyota, that “we need to work together to maintain the stability of global industry and supply chains, which is an important guarantee for the healthy development of the world economy.”
The meeting was attended by about 40 executives, most of whom were from the pharmaceutical industry. According to a person with firsthand knowledge of the planning, seven companies were invited to speak during the meeting, which lasted slightly over 90 minutes.
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