China promotes business potential to Apple, Pfizer and other US companies

BEIJING: China sought to reassure foreign corporate chiefs of the country’s business potential when Vice Premier He Lifeng met with the heads of Apple, Pfizer, Mastercard, Cargill and others on Sunday.

He also met with pharmaceutical firm Eli Lilly, medical device company Medtronic and specialty glass maker Corning, a commerce ministry statement said.

Beijing is keen to woo foreign investment amid heightened geopolitical tensions, as policymakers try to boost domestic consumption in a slowing economy to offset the impact of US tariffs.

“China will continue to improve the business environment and welcome more investment by multinational companies in China, sharing opportunities for development,” He told the business leaders, describing China’s economy as “highly resilient” and “full of vitality”.

The statement did not specify where they met. Many foreign CEOs are in Beijing to attend a business forum on Sunday and Monday, with some expected to meet President Xi Jinping on Friday, sources have told Reuters.

In a further push to encourage investment, the China Council for the Promotion of International Trade said smartphone maker Apple was welcome to deepen its supply-chain cooperation with China.

The council’s chairman, Ren Hongbin, met with Apple CEO Tim Cook on Sunday.

The Trump administration has imposed 20% tariffs on all Chinese goods since taking office in January, accusing Beijing of not doing enough to stem the flow of fentanyl into the United States, straining relations between both.

At the China Development Forum, Chinese Premier Li Qiang on Sunday urged countries to open their markets to combat “rising instability and uncertainty”, and promised more active macroeconomic policies.

US Republican Senator Steve Daines, a staunch supporter of President Donald Trump, met Li on Sunday with seven senior executives from US companies. Daines called the meeting a chance for them to air their views on the business environment in China directly to Li.

Some 86 company representatives from 21 countries came to the forum this year, with American firms making up the largest group of attendees, state broadcaster CCTV said.

A source said fewer American CEOs are attending the forum compared with last year.

Li urges states to open markets to combat ‘rising instability’

But some CEOs were optimistic about investing and doing business in China, state-backed Global Times reported.

“Definitely, we have confidence for China’s development. We have been invested consistently for decades in China, and we will continue for decades to come,” Corning CEO Wendell Weeks was quoted as saying to the newspaper.

American direct-selling firm Amway was monitoring the impact of US tariffs, but its chief executive, Michael Nelson, said the company is focused on the future of the Chinese market, according to Global Times.