Xi Jinping proposed “China’s peak theory” when meeting with U.S. executives

He said: “China’s development has experienced various difficulties and challenges” (data map)

Beijing:

Chinese President Xi Jinping met with U.S. business leaders at the Great Hall of the People in Beijing on Wednesday as the government tries to attract foreign investors and international companies to ensure the impact of the new rules.

Foreign direct investment fell 8% in 2023 as investor concerns over espionage laws, exit bans and raids on consulting and due diligence firms grew as Beijing looks to boost growth in the world’s second-largest economy.

Despite Chinese leaders’ public overtures to foreign investors, Xi Jinping’s growing focus on national security has left many companies unsure of where they might be crossing the line.

“China’s development has gone through various difficulties and challenges to achieve today’s achievements,” Xi said, according to state media.

“In the past, (China) did not collapse because of the ‘China Collapse Theory,’ and it will not collapse now because of the ‘China Peak Theory,'” he added.

Stephen Schwarzman, co-founder and CEO of private equity firm Blackstone, Raj Subramaniam, head of US express delivery giant FedEx, and Cristiano, boss of chipmaker Qualcomm · Cristiano Amon belongs to this all-male American team of about 20.

The meeting with Xi, organized by the National Committee on U.S.-China Relations, the National Committee on U.S.-China Business Council and the Asia Society think tank, lasted about 90 minutes, according to a person with direct knowledge of the matter.

The sources, who declined to be named because they were not authorized to speak to the media, did not immediately comment on the content of the discussions, and the three organizations did not immediately respond to requests for comment on the meeting.

The United States and China are gradually re-engaging after relations between the two economic superpowers hit their lowest point in years amid conflicts over trade policy, the future of democratically-ruled Taiwan and territorial claims in the South China Sea.

The gathering was held in the East Hall of the Great Hall of the People, a space reserved for important events. A video posted by state media showed attendees forming a square around a large red, orange and green floral installation.

Commerce minister Wang Wentao, top diplomat Wang Yi and the head of China’s state planner, Zheng Shanjie, sit alongside Xi.

Before meeting Xi Jinping, Chinese Prime Minister Li Qiang did not meet with visiting foreign CEOs at the China Development Forum in Beijing on March 24-25. The opportunity to exchange views with Beijing’s No. 2 leader has been a key element of previous years’ summits.

Wednesday’s meeting follows a dinner with U.S. executives in San Francisco last November, where Xi Jinping received a standing ovation.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)