Taipei, Taiwan – Chinese President Xi Jinping met with American business leaders and academics at Beijing’s Great Hall of the People, state media has reported, as he tries to woo foreign investment back to China after a challenging few years for the world’s second-largest economy.
The meeting on Wednesday included Evan Greenberg, the chief executive of the US insurance company Chubb, as well as Stephen Orlins, the president of the National Committee on US-China Relations, and Craig Allen, the president of the US-China Business Council.
Like many Chinese state functions, the event was highly choreographed, with footage showing attendees arranged in a square formation offset by elaborate floral installations.
Xi last met with US executives in San Francisco following the APEC summit there in November.
The meeting offers an opportunity for Beijing to shore up ties with US companies amid tensions with Washington and signal that their investment is welcome.
Many of the world’s top executives are already in Beijing this week for the China Development Forum, which took place on Sunday and Monday.
The forum’s guest list includes World Bank President Ajay Banga, International Monetary Fund (IMF) Managing Director Kristalina Georgieva and representatives of more than 100 multinational firms.
While business leaders have been able to meet with many senior Chinese leaders in recent days, the invitation to meet Xi signals a concerted effort by Beijing to address negative perceptions about the current business environment.
“It’s possible that investors and executives will air some grievances at the meeting and it’s possible that lobbying might make some impact, but I don’t think that’s what this meeting is really about,” Chris Beddor, the deputy China research director at Gavekal Dragonomics, told Al Jazeera.
“This is primarily about Xi sending a message. The message is that the Chinese government is attuned to the concerns of global companies and investors, and still wants their presence in the country, at a time when global businesses are very wary of China.”
Last year, foreign direct investment in China fell by 8 percent as companies scaled back operations and sought to “de-risk” their businesses amid continuing geopolitical tensions and a tougher regulatory environment.
Tightened espionage and state secret laws have also made some firms question whether they are truly welcome, while the COVID-19 pandemic drew attention to their over-reliance on Chinese supply chains.
Still, some foreign companies have stressed their eagerness to double down on their investment.
Cook on Sunday told Chinese media that he hoped to increase Apple’s investment in China, where the company’s flagship iPhone has lost ground to local Huawei models like the Mate 60 Pro Plus.
“I think China is really opening up, and I’m so happy to be here,” Cook was quoted as saying on the sidelines of the China Development Forum.
Others, including the IMF’s Georgieva, are more jittery over China’s future.
During a speech at the China Development Forum, Georgieva told policymakers that more pro-market reforms are needed to help China’s economy rebound from the pandemic.
Despite growing 5 percent last year, China’s economy is struggling with deflation and a protracted real-estate crisis.
“China is poised to face a fork in the road – rely on the policies that have worked in the past, or update its policies for a new era of high-quality growth,” Georgieva said, suggesting that reforms could add $3.5 trillion to the economy over the next 15 years.
Shifting to consumption-focused growth, however, may be easier said than done in an economy marked by weakened domestic demand and sagging business confidence.
Chinese officials have long relied on mega infrastructure projects to boost gross domestic product (GDP), necessitating a mind shift among policymakers to move towards consumption-led growth.
Despite these concerns, China has set this year’s GDP target at 5 percent and pledged to continue its support for strategic sectors, among other goals outlined to attendees of the China Development Forum.
This year’s China Development Forum got off to a less rocky start than last year’s event, which was overshadowed by the aftermath of Beijing’s tough pandemic curbs and controversy over a Chinese spy balloon in US airspace.
“US-China tensions are a bit more stable this year, so the political pressure on American attendees has lessened somewhat,” Beddor said.
“There simply weren’t that many foreign visitors in China in March 2023. So it’s not surprising that attendance is up this year, because foreign travel of all sorts to the country is a bit more normal compared to last year,” he said.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
