On March 28th, Chinese President Xi Jinping met with more than 40 executives from some of the world’s most prominent multinational companies. The conference, held at the Beijing convention, concluded the China Development Forum and served as a prominent engagement with foreign business leaders as many businesses and governments reassessed the risks and rewards of exposure to the Chinese market.
Xi previously called out China’s CEO along with him and at a very public meeting he offered greater protection to the private sector, hoping to support a volatile economy. This time it was the foreigners’ turn. Xi didn’t have it for the first time Such a group was convened. However, the composition of the delegation this year and the tone of XI’s remarks gave us a clearer glimpse into how China’s leadership is re-aligning its approach to global business engagement at a time when the future appears to be chaotic.
On March 28th, Chinese President Xi Jinping met with more than 40 executives from some of the world’s most prominent multinational companies. The conference, held at the Beijing convention, concluded the China Development Forum and served as a prominent engagement with foreign business leaders as many businesses and governments reassessed the risks and rewards of exposure to the Chinese market.
Xi previously called out China’s CEO along with him and at a very public meeting he offered greater protection to the private sector, hoping to support a volatile economy. This time it was the foreigners’ turn. Xi didn’t have it for the first time Such a group was convened. However, the composition of the delegation this year and the tone of XI’s remarks gave us a clearer glimpse into how China’s leadership is re-aligning its approach to global business engagement at a time when the future appears to be chaotic.
Two features stood out. First, healthcare and finance were the most heavily represented sectors, taking into account almost half of participants. And secondly, European companies led by German strong conditions have gained a clear signal of half their guest list, a notable increase from previous gatherings, and deepening business engagement. In both cases, the meetings conveyed a message of selective outreach. China remains open to foreign capital and partnerships, particularly when its engagement aligns with domestic modernization goals. But following President Donald Trump’s declaration of the World Trade War this week, China’s retaliatory tariffs and investigations into US companies are ready to target foreign companies when needed.
The most representative sectors of the year were healthcare and medicine. Executives from Pfizer, AstraZeneca, GSK, Sanofi, Elilily, Merck, Ingelheim of Bohringer and Medtronic were all present. It is at the forefront of global innovation in biopharma and medical devices. Their presence indicates a marked change from last year, when healthcare had no representation at the event.
There is a compelling reason for this. With the increased burden of aging population and chronic disease, China is putting pressure on improving both accessibility and quality of its health system. At the same time, we aim to enhance the national capabilities of drug development, MED technology and health services, but we recognize that partnerships with established global players can accelerate their progress.
Inviting top executives from one of the world’s leading healthcare companies represents a potential revival of a sector that foreign investors were obsessed with. Before 2020, China’s healthcare market was seen as a potential gold mine for global companies, from growing demand to regulatory reforms to pushing innovation. But the Covid-19 pandemic and the distrust it nurtured It confused the momentum. This new outreach appears to be an attempt to restore previous optimism. For foreign companies, if they are managed carefully, they can make the environment they operate more open.
Finance is the second most represented sector, with participants including Blackstone, Bridgewater Associates, HSBC, Standard Charter, Société General and Mastercard leaders. Again, the signal appeared practical and strategic. China faces an increase in scrutiny from global investors after a period of turbulence marked by capital outflows, slowing the real estate sector and general declines. Foreign Direct Investment. Welcoming seniors at major global financial institutions reflects the clear intention to re-engage with international capital markets and strengthen trust in China as a viable and stable investment destination.
At the same time, Beijing views these companies not only as capital sources, but as intermediaries that help shape broader market perceptions. Their presence also indicates a subtle change in tone. Past promises of economic initiation have often been inherently common. This time, XI spoke with greater idiosyncraticity, pledging to reduce barriers to market access, protect the legal rights of foreign companies, and support fair competition. The integrity and implementation of these promises remains uncertain. However, signaling was intentional and definitely necessary. There have been foreign companies for years Single Out Beijing is now trying to reassure the international business community, who have become deeply skeptical, as they are exposed to sudden crackdowns or get caught up in a crossfire of geopolitical tensions due to scrutiny of regulations.
Equally impressive was the geographical structure of the group. While US-based executives still made up most of the room, the European representatives were extraordinarily powerful, especially from Germany. The German CEO consisted of eight participants, including leaders of Siemens, Mercedes-Benz, BMW, Bohringer Ingelheim and Wacker Chemy. British and French executives also existed in considerable numbers, along with representatives from companies in Sweden, Denmark, Switzerland and other European countries.
This concentration of European corporate leadership appears to reflect a subtle diplomatic strategy. As tensions between the US and China continue and intensifies in some regions, China is strengthening its ties with Europe. By boosting European businesses in this visible environment, Beijing appears to be offering continued economic partnerships despite growing geopolitical pressures.
Germany has a unique importance in this equation. Due to its globally integrated manufacturing infrastructure and historic trade relations with China, it is considered a practical partner in Beijing. This could still be willing to pursue commercial cooperation even in broad, skeptical skepticism about the Atlantic. The powerful shows by German industry, automotive and healthcare companies also highlight the resilience of sectors, green transitions, digital transformation and supply chains associated with China’s own priorities for economic restructuring.
XI’s own remarks at the meeting highlighted the importance of these partnerships. His language is particularly direct, emphasizing that China is an ideal and safe destination for foreign investment, “always, always, always.” He has committed to improving communication with foreign companies, reducing barriers to entry and ensuring legal protections. This links these reforms to a broader agenda mapped in the 2024 Third Plenum. In the tone, the message was confident, but practical. China is still committed to launch, but in ways that will help with its long-term development goals.
But the conditions were equally clear about all the warmth of rhetoric. XI framed foreign companies not only as investors but as “a key participant in modernising China.” The implication is that people who are tailoring China’s national priorities (in technology, green change, health or finance) find favor. Those who don’t are likely to be locked out. The red carpet only guides the way Beijing wants.
That expectation is also very personal. By delivering these messages himself, Xi places foreign investors’ involvement straight within his political portfolio. Certainly, this level of top-down control is no longer surprising. xi’s “All Chairs“It has been institutionalized for a long time, but it is still worth noting that this outreach has not been delegated to the Prime Minister or Minister. It is top-down, leader-led business diplomacy. It adds weight to the message, but also XI’s reliability on the outcome. However, optics can shift.
Its high-stakes approach also speaks to the broader moments that China finds itself. Following years of community-related turmoil, growing distrust among international investors, and strengthening geopolitical headwinds, China marks the beginning of a new phase. Access, predictability, and new social contracts with foreign capital are needed.
However, it also comes with terms of use. Yes, China wants your capital, your technology, and your partnership, but only where it serves the wider arc of its long-term development. The opportunity remains real, but so is the guardrail. The priority is set to Beijing and can be shifted without prior warning. The room on March 28 reflected that tension: welcome, but carefully curated.
Xi’s CEO Summit was more than just a gesture. It was a suggestion of how China is doing as it is about to register the world again. In the case of global business, whether or not you are engaged is only part of the equation. The real question is how and whose term is it.
