Global business leaders met with President Xi Jinping in Beijing, continuing from last year’s focus on U.S. firms. This year’s attendees included executives from various international companies, reflecting a more global perspective on business in China. Notable participants included heads of Bridgewater Associates, Standard Chartered, Blackstone Group, and AstraZeneca, among others. The meeting underscored the importance of investment and cooperation in the Chinese market.

On Friday, prominent global business leaders convened with Chinese President Xi Jinping in Beijing, marking the second consecutive year such executives met following the China Development Forum. This year’s delegation, comprising over 40 executives, represented an international array of companies, diverging from the previous focus on U.S. businesses.

Among the notable attendees was Ray Dalio, founder of Bridgewater Associates, who is recognized as an authority on investing in China. Bill Winters, CEO of Standard Chartered, highlighted the bank’s pioneering role in establishing a wholly foreign-owned securities firm in China following the lifting of foreign ownership caps in 2020.

Steve Schwarzman, CEO of Blackstone Group, expressed commitment to fostering U.S.-China economic cooperation. Paul Hudson, CEO of Sanofi, recently announced a significant investment of 1 billion euros in an insulin production facility in Beijing.

Amin Nasser, President and CEO of Saudi Aramco, has initiated major joint ventures with Chinese state oil enterprises, enhancing collaboration with local private companies as well. Cristiano Amon, President and CEO of Qualcomm, noted that a substantial portion of the company’s revenue derives from Chinese clients.

Rajesh Subramaniam, President and CEO of FedEx Corp, celebrated the company’s 40-year service in China, while Pascal Soriot, CEO of AstraZeneca, revealed plans for a $2.5 billion R&D hub in Beijing. Miguel Angel Lopez Borrego from Thyssenkrupp emphasized ongoing investment in China’s green energy sector.

Belén Garijo, CEO of Merck, reported that China is a crucial market, contributing 3 billion euros in annual sales. Ola Källenius, CEO of Mercedes-Benz, reaffirmed the company’s commitment to continuing heavy investments in China amid competition from domestic electric vehicle manufacturers.

Oliver Zipse, CEO of BMW, acknowledged the challenges posed by local EV makers in China, while Georges Elhedery, CEO of HSBC Holdings, represents a new leadership perspective as the first Mandarin-speaking chief.

Toshiaki Higashihara from Hitachi Ltd. expressed concerns about rising price pressures in the Chinese market, and Akio Toyoda, Chairman of Toyota Motors, outlined plans for new electric vehicle initiatives in Shanghai. Kwak Noh-jung of SK Hynix highlighted the firm’s significant manufacturing footprint in China.

Klaus Rosenfeld from Schaeffler and Hubertus von Baumbach from Boehringer Ingelheim emphasized their commitments to the Chinese market. David Ricks, CEO of Eli Lilly, announced manufacturing expansions in Suzhou. Jon Abrahamsson Ring from Inter IKEA Group marked the company’s continued growth potential in China.

Vincent Clerc, CEO of AP Moller – Maersk, reflected on a century of operations in China, and Roland Busch, President and CEO of Siemens, noted increasing competitive pressures affecting their operations. Albert Bourla from Pfizer detailed significant investments focused on crucial therapeutic areas, while GSK’s Emma Walmsley discussed enhancing their business relations in China post-scandal. Lastly, Jay Y. Lee of Samsung Electronics remarked on the importance of China as their largest market, overtaking the United States in 2024.

In summary, the recent meeting between global business leaders and Chinese President Xi Jinping highlights the growing importance and diversification of international business interests in China. Key executives from numerous industries emphasized their strategic investments and commitments to strengthen cooperative economic ties with China. The diverse representation signifies China’s pivotal role in the global business landscape, fostering continued collaboration and innovation across various sectors.

Original Source: www.tradingview.com

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