Beijing pledged to expand market access and attract greater foreign investment as top executives from Apple, Pfizer, FedEx and other global firms gathered for the China Development Forum, a high-profile event taking place amid escalating trade tensions with the United States.
Vice Premier He Lifeng told visiting business leaders Sunday that China "remains committed to expanding high-level opening-up of market, improving the business environment and welcoming more multinational companies to deepen their investment in China," according to a statement from the Ministry of Commerce. He added that China's economy is "resilient, full of potential and vitality."
Executives in attendance included Apple's Tim Cook, Qualcomm's Cristiano Amon, AstraZeneca's Pascal Soriot, FedEx's Raj Subramaniam, and Pfizer's Albert Bourla. U.S. Senator Steve Daines, a Republican from Montana and close ally of President Donald Trump, also attended and met separately with Premier Li Qiang.
China's leadership used the two-day forum, which concludes Monday, to signal its desire to stabilize foreign investor confidence as its economy faces continued headwinds, including weak domestic consumption and a prolonged property sector downturn. Premier Li called on businesses to resist "protectionism" and warned that "decoupling and breaking supply chains would only deepen crises."
"If the world returns to the law of the jungle, it will be a step backward in history and a tragedy for humanity," Li said in his opening remarks. He pledged new policies "to ensure the smooth operation of the Chinese economy" in anticipation of "possible unexpected shocks, which, of course, mainly come from external sources."
President Trump has intensified trade pressure on Beijing, imposing an additional 20% tariff on Chinese goods over China's alleged role in the fentanyl trade. A review of China's compliance with a trade deal signed during Trump's first term is expected to conclude by April 1. China has responded with its own tariffs on U.S. goods and export controls on raw materials.
In his meeting with Senator Daines and U.S. executives, Premier Li stated, "Both China and the U.S. stand to gain from cooperation and lose from confrontation." He added, "No country can achieve development and prosperity through imposing tariffs."
Daines wrote in a post on X that American CEOs "shared their commitment to doing business in China" and relayed Trump's demand for "decisive action from China to stop the flow of fentanyl precursors." Daines described the meeting with Li as a "first step" toward a possible summit between Trump and Chinese leader Xi Jinping.
The forum also served as an opportunity for Chinese officials to tout recent policy measures. Last month, China's State Council unveiled an action plan to attract foreign investment, including easing restrictions in manufacturing and simplifying procedures for foreign mergers and acquisitions.
Global firms expressed cautious optimism about continued engagement with China. "We are very firm believers in an open, rule-based trade that works," Inter IKEA Group CEO Jon Abrahamsson Ring said Sunday, adding that trade enables "important transformations that need to be done now in sustainability, affordability, etc."
While China is trying to present itself as a reliable partner, foreign companies remain wary amid heightened geopolitical tensions and scrutiny. Several multinational firms have faced detentions or investigations involving employees in China under tightened national security rules.
