Chip maker Broadcom AVGO +3.66% ▲ is one of several U.S. tech firms set to visit China this month for a government-backed investment summit despite the growing geopolitical crisis between the two countries.
The annual China Development Forum will take place next week according to a report in Reuters. Despite the recent geopolitical tensions, including the introduction of pumped-up trade tariffs between China and the U.S., Broadcom is expected to be one of a number of foreign firms making the trip, as are reportedly peers Synopsys SNPS +0.51% ▲ and Qualcomm QCOM +1.26% ▲ . Some, Reuters reported, will even be given the chance to meet President Xi on their travels.
The forum traditionally sets out Chinese economic development plans and aims for the months ahead and tries to secure co-operation and investment from foreign enterprises to help it achieve its goals.
Beijing is eager to attract more foreign investment to revive what it sees, at least, as an ailing domestic economy. That’s despite growth, of around 5%, that most Western countries would snap a hand or two off for. China wants to boost domestic consumption such as consumer goods and is also keen on further developing its technological capabilities, particularly in the area of AI. According to Reuters, foreign investment into China fell just over 13% last year.
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