"I extend my sincere thanks to all the foreign companies that have participated in and supported China's development," Xi said at the meeting, according to remarks reported by attendees. Amongst CEOs present were those of AstraZeneca, FedEx, Aramco and Standard Chartered.

Faced with persistent concerns about the economic slowdown, increasingly stringent regulations and a playing field deemed unfair to non-state-owned companies, Beijing is trying to restore confidence. Xi pointed out that foreign companies accounted for a third of China's foreign trade, a quarter of industrial value added and a seventh of tax revenues, while generating over 30 million jobs.

According to two sources close to the organization, some forty executives attended the meeting, the majority of whom from the pharmaceutical sector. The frequency of such meetings has increased in recent weeks, following the publication of data showing a 27.1% drop in foreign direct investment (FDI) in 2024, the sharpest decline since the 2008 financial crisis.

Annual tradition?

"Multinationals play an essential role in the stability of the global economic order", Xi insisted, urging the companies present to "speak with a voice of reason and act pragmatically". 

This meeting comes on the heels of the China Development Forum (CDF), a major annual economic gathering where Premier Li Qiang recently called for greater openness and the fight against "growing instability". Last year, Xi had already met American business leaders after the same forum, a function traditionally devolved to the Prime Minister. "I wonder if this will become an annual tradition", wondered one of the organizers.

In recent months, Xi has stepped up his efforts to reassure both local and international business circles. In February, he welcomed several leading figures from the Chinese technology sector, including Jack Ma, calling on them to "show their talent" and to believe in the power of the Chinese economic model.

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