In an effort to bolster slowing foreign investment amidst geopolitical tensions, China's commerce minister, Wang Wentao, held meetings with top global executives from the technology, finance, and pharmaceutical industries. These discussions took place ahead of a high-profile business forum in Beijing, where Wang aimed to encourage foreign businesses' direct investment into the country.

During the two-day meetings, Wang engaged with industry leaders such as Tim Cook, the CEO of Apple Inc., and Kwak Noh-jung, the CEO of South Korean chipmaker SK Hynix. Other notable executives included the CEOs of Qualcomm Inc., the world's largest seller of smartphone processors, and Micron Technology Inc., the largest US maker of computer memory chips.

Foreign direct investment into China experienced the slowest growth rate since the early 1990s last year, highlighting the challenges Beijing faces in stimulating its economy. The increasing outflow of manufacturing, driven by companies like Apple, seeking new capacities in countries like India and Southeast Asia, further adds to these challenges amid US-China tensions.

Wang took advantage of the upcoming China Development Forum, scheduled to begin on Sunday, to engage with key industry leaders. This forum has historically provided a platform for foreign business chiefs to interact with China's state leaders, with Premier Li Qiang set to deliver a keynote speech this year.

One crucial objective discussed in Wang's meetings was China's aim to counter US restrictions on its access to technology. Wang and SK Hynix's Kwak explored cooperation in semiconductors, with Wang expressing hopes for increased investment from the company in China. Kwak, on the other hand, affirmed SK Hynix's commitment to expanding development in China, acknowledging its significance as a production base and market.

Micron CEO Sanjay Mehrotra informed Wang of the company's plans to expand investment in China, showing a positive outlook for the Chinese market. Qualcomm's Cristiano Amon also received affirmation from Wang that China welcomes hi-tech companies' deepening investment in the country. Amon expressed his anticipation for stable expectations and a favorable business environment to be created by leaders of both China and the US.

Geopolitical tensions and increased restrictions on certain key products have influenced foreign businesses' sentiments towards China. Jamie Dimon, CEO of JPMorgan Chase & Co., articulated earlier this year that "the risk-reward has changed dramatically" in China. The European Union has also intensified trade tensions by investigating Chinese electric vehicle imports over state subsidies and considering additional tariffs as a potential retaliatory measure.

Wang further engaged in discussions with executives from overseas drugmakers Pfizer Inc., Merck & Co., GSK Plc, and Takeda Pharmaceutical Co. on Saturday. The focus of these talks centered around resolving trade disputes with Europe, with Wang urging French lender BNP Paribas SA to play a positive role in facilitating dialogues.

Looking ahead, French President Emmanuel Macron plans to host a visit from Chinese counterpart Xi Jinping in Paris during the spring season. Additionally, the European Union is considering a formal review of its businesses' use of lower-end chips from China, following the footsteps of the US in highlighting potential risks to national security and global supply chains.

In a conversation between Wang and Apple's Cook, it was emphasized that China is willing to work with the US in establishing a fair, stable, and predictable business environment for both American and Chinese companies. Cook expressed Apple's commitment to further investment in applied research within China, highlighting ongoing investments in the country's supply chain, R&D, and stores.

As geopolitical tensions persist, maintaining a delicate balance between the two countries becomes crucial for companies as they strive to sustain production and sales. Wang's meetings with global executives reflect China's determination to attract and support foreign investment, while also addressing concerns and resolving trade disputes with key trading partners.

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