Xi Jinping Calls for Global Collaboration Amid Economic Uncertainty
BEIJING: On Friday, China’s President Xi Jinping urged a group of international CEOs to work together to safeguard global industries and supply chains. His call comes as concerns grow about the health of the Chinese economy and the potential for more tariffs from the United States.
China is actively trying to alleviate worries about a renewed trade conflict with the U.S. under President Donald Trump, which could further hinder the recovery of the world’s second-largest economy still reeling from the COVID-19 pandemic.
Foreign businesses have expressed apprehension over strict regulations, sudden crackdowns on international companies, and an uneven business playing field that often favors State-owned enterprises. In a message to the business leaders, which included key figures from AstraZeneca, FedEx, Saudi Aramco, Standard Chartered, and Toyota, Xi emphasized the need for unity in maintaining the stability of global supply chains. He stated, "This is essential for the healthy development of the world economy."
Xi encouraged participants to adopt a broader viewpoint, advising against getting distracted by temporary industry challenges and making decisions that could undermine the security of global supply chains.
Around 40 executives participated in the roughly 90-minute meeting, with many representing the pharmaceutical industry. Seven companies were given the opportunity to share their insights, according to sources closely involved in organizing the event.
Business expert Frank Bournois from the China Europe International Business School remarked on the significance of the meeting, describing it as an example of "business diplomacy." He noted that this type of dialogue now includes companies advocating not only for their interests but also for their respective sectors, predicting that the real impact would depend on actions taken moving forward.
The executives met in a horseshoe arrangement, with notable leaders like Mercedes-Benz CEO Ola Kallenius and FedEx’s Raj Subramaniam positioned directly across from Xi. Other key figures included HSBC CEO Georges Elhedery, SK Hynix’s Kwak Noh-jung, Saudi Aramco’s Amin Nasser, and Hitachi’s Toshiaki Higashihara, all present in the front row.
Xi highlighted the significant role that foreign enterprises play in China, noting they account for one-third of the country’s imports and exports, a quarter of industrial value added, and one-seventh of tax revenue, while also creating over 30 million jobs.
