Beijing woos global executives as FDI slides, trade tensions build
BEIJING, March 19 (Reuters) - Chinese trade officials are stepping up a charm offensive as Beijing seeks to assure global business leaders of the economy's long-term prospects despite a consumer slump and renewed trade tensions, meeting as many as three foreign executives early this week.
Since February, China's commerce minister, vice commerce ministers and trade representatives welcomed at least 10 executives from multinational companies including Airbus (AIR.PA), opens new tab, PepsiCo (PEP.O), opens new tab, Procter & Gamble (PG.N), opens new tab, Honeywell (HON.O), opens new tab and Swire (0019.HK), opens new tab.
The frequency of the meetings picked up towards the end of February after official data showed foreign direct investment (FDI) plummeted 27.1% in local currency terms in 2024 from the year earlier, the most since the 2008 global financial crisis.
The meetings also came as tit-for-tat tariffs with the U.S. escalated, showing Beijing's eagerness to mend relations with global business leaders to fend off disruptions sparked by tariffs imposed by U.S. President Donald Trump.
In particular, six of the 11 companies are headquartered in the United States. The others are European, British and Australian multinationals.
"A stable, healthy and sustainable China-U.S. economic and trade relationship is in the fundamental interest of both countries, and also benefits global companies," Vice Commerce Minister Wang Shouwen told PepsiCo Chairman Ramon Laguarta on Tuesday.
"The essence of economic and trade relations between China and the U.S. is mutual benefit and win-win," according to a ministry statement on Wednesday.
Wang Wentao, the commerce minister, met Airbus's CEO Guillaume Faury and Swire Group's CEO Merlin Swire on Monday. He also met Christopher Boerner, board chair and CEO of the American biopharmaceutical company Bristol Myers Squibb on March 10, and Michael Voigt, CEO of German spice and condiment producer Hela Group on March 4.
Wang Shouwen, vice commerce minister and China's international trade representative, met Kellie Parker, Rio Tinto's Australia chief executive, on March 13, Visa's Group President Oliver Jenkyn on February 28, and Jon Moeller, P&G's chairman, president and CEO on February 25.
Some CEOs, including those of PepsiCo, Airbus, Swire Group, Bristol Myers Squibb, and Germany's Hela Group, made pledges to boost investment in China during the meetings, according to summaries of the talks released by the ministry.
Others reiterated their confidence in China's economy and market.
As China concluded its annual parliamentary session earlier this month, the government vowed to "vigorously boost" consumption in an economy facing persistently sluggish household demand and a protracted property crisis.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
25 minutes ago
- The Independent
Matteo Manassero and Ryan Fox surge into lead to set up intriguing final round at Canadian Open
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it. Your support makes all the difference.
The Sun
27 minutes ago
- The Sun
Donald Trump gets astonishing reaction at UFC 316 amid Elon Musk row before stunning gesture by winner Merab Dvalishvili
DONALD TRUMP has made a surprise appearance at UFC 316 - but this time Elon Musk was nowhere to be seen. The President was cageside to watch Merab Dvalishvili's title scrap with Sean O'Malley on Saturday night. 10 10 10 10 10 10 10 Trump was flanked by UFC kingpin Dana White in a one-man entourage as he entered the arena in Newark, New Jersey. He received loud cheers from the capacity crowd at the Prudential Center before taking his seat close to boxing icon Mike Tyson. Trump shook hands with former NFL stars Will Compton and Taylor Lewan as he settled in to watch a packed main card. Son Eric, daughter Ivanka and her husband Jared Kushner were also in the audience, as well as US Secretary of State Marco Rubio. The 47th President arrived in New Jersey on Friday, where he stayed at his golf course in Bedminster. Trump was on the end of a high five from Kevin Holland after his submission victory against fellow welterweight Vicente Luque. And he later shared words of encouragement to Georgian star Dvalishvili following an epic end to the main event. Elon Musk. His relationship with the world's richest man disintegrated earlier this week. The former allies battled it out on social media after disagreeing on Trump's 'Big Beautiful Bill', with the President claiming Elon had "gone crazy". I'm an ex-UFC champ who has quit masturbating and smoking weed to try win my belt back at UFC 316, Musk, who is worth an estimated $330 billion, was a major contributor to Trump's presidential campaign. He reportedly spent $250 million in supporting the Republican's race for the White House last year. Musk accompanied Trump to his last UFC showing in April. The President was given a thunderous reception as he entered the arena for UFC 314 in Miami, Florida. But prior to Saturday's action, Trump indicated his working relationship with Musk was irreparable. "I'm too busy doing other things. I won an election in a landslide," he said. "I gave [Musk] a lot of breaks, long before this happened. "I gave him breaks in my first administration, and saved his life in my first administration, I have no intention of speaking to him." 10 Donald Trump and Elon Musk's complicated relationship Former president Donald Trump and Tesla CEO Elon Musk's relationship started rocky, but the pair have since reconciled, with Musk fully endorsing Trump and interviewing him on X Spaces on August 12. In 2022, Elon Musk and Donald Trump publicly feuded on X, then still known as Twitter. Trump called Musk a liar and "bulls**t artist" during a rally in Alaska. "Elon is not going to buy Twitter," Trump said at the time. "You know, he said the other day, 'I've never voted for a Republican.' I said, 'I didn't know that - you told me you voted for me. So he's another bulls**t artist, but he's not going to be buying it." In response to Trump's critiques, the SpaceX founder clapped back. "I don't hate the man, but it's time for Trump to hang up his hat & sail into the sunset," Musk posted. Musk also went on to buy X months later. The X owner said he had previously voted mostly for Democrats since becoming a United States citizen in 2002. Musk initially backed Florida Governor Ron DeSantis to be the Republican Party's presidential nominee. "My preference for the 2024 presidency is someone sensible and centrist," Musk wrote on X in 2022. "I had hoped that would [be] the case for the Biden administration, but have been disappointed so far." His shift in political parties might be attributed to his plummeting relationship with President Joe Biden who didn't invite Musk to the 2021 White House electric vehicle summit. Despite their past issues, Trump and Musk's relationship took a turn in March after they met at Mar-a-Lago. Trump was also previously against electric vehicles but has since changed his stance. "I'm for electric cars," he said at a rally earlier this month. "I have to be, because Elon endorsed me very strongly. So I have no choice." Following the assassination attempt at Trump's rally in July, Musk announced his support for the former president. "I fully endorse President Trump and hope for his rapid recovery," Musk wrote on X after the shooting. During a recent press conference, Trump spoke highly of Musk. "I respect Elon a lot. He respects me," he said. "Elon, more than almost anybody I know, he loves this country. He loves the concept of this country, but like me, he says this country is in big trouble, it's in tremendous danger." Musk has been pictured at events at Mar-a-Lago and the UFC, buddying up with Trump. Trump selected Musk to lead the Department of Government Efficiency - a taskforce aimed at cutting bureaucracy. In the Octagon, it was a night to remember for Dvalishvili, who proved too strong for O'Malley in their main event rematch. The reigning bantamweight champion secured his first-ever UFC submission following a brutal choke-out. And he celebrated by vaulting out of the Octagon for a handshake and words with Trump. The President also shook hands with a devastated O'Malley, who was able to leave the Octagon under his own steam after the choke. "He was well trained, he was well prepared, and I knew that he was going to make changes," Dvalishvili told reporters after the third round win. "Every time I lost I made big changes and I learned from it. "But I'm getting better and better. I wasn't showing this technique [before] and I have more tools in my pocket I'm still working on, and then little by little I will show. "Now it's my time." Elsewhere on the main card, there were also wins for Kayla Harrison, Joe Pyfer, Holland, and Mario Bautista. 10
The Herald Scotland
29 minutes ago
- The Herald Scotland
I still can't believe Republicans chose Trump over stability
I also realize that, for many Republican voters, a chaotic government is better than one that's run by a Democrat. They would rather watch our country become an international laughingstock than vote for someone who would run a stable, albeit more liberal, government. They would rather have millions lose health care than have a Democrats in power. I'll be the first to admit that Kamala Harris wasn't a perfect presidential candidate, but she was competent. She was energetic. She could ensure the country stayed on its course and continued to be a place where people felt secure. We could have had that. And Republicans in Congress would have done their job. Instead, we have this. So, this far into Trump's chaotic reign, I have to ask. Is this really what Republicans wanted? President Donald Trump vs. Elon Musk. Really? In case you missed it, Trump and Musk have gone from inseparable to enemies in a matter of hours. Musk, who was previously charged with leading the Department of Government Efficiency, has gone on X (previously Twitter) to allege that Trump was included in the Jeffrey Epstein files and whine that the Republicans would have lost the election without him. Trump, in response, has threatened to cancel all of Musk's contracts with the federal government. It's almost entertaining, in the way high school drama is entertaining. If only the entire country weren't on the verge of suffering because of it. Opinion: Musk erupts, claims Trump is in the Epstein files. Who could've seen this coming? If Harris had been elected, I doubt she would have made a narcissistic man-child one of her closest advisers in the first place - not just because Musk endorsed Trump, but because he was and continues to be a liability. She wouldn't have created DOGE and then allowed it to be a threat to Americans. Republicans, however, were unwilling to acknowledge the baggage that came with having Musk on their side. Now we have the president of the United States embroiled in a childish social media battle with the world's richest man. Think about how stupid that makes the country look. Is this what Republicans wanted? Is that what they still want? Surely they knew that the Trump-Musk partnership, like many of Trump's alliances, was going to implode. They are so scared of progressivism that they would rather have pettiness and vindictiveness in the White House. The American economy is not doing well. You wanted this? Trump, ever the businessman, has decided that making everything more expensive is what will make our country great again. His tariffs are expected to cost the average family $4,000 this year, according to the U.S. Chamber of Commerce. I thought Republicans were the party of the working class. I thought they were supposed to care about grocery prices and the cost of living. But with the insanity of Trump's tariffs, a cooling job market and tax cuts that protect the wealthy, it seems like nothing is actually getting better for the average American. Our economy actually shrank. Opinion: Who would want to have babies under a Trump administration? Not me. Again, Republicans, you really wanted this? You were so scared of a government that was slightly more liberal that you would let everything get more expensive for working families? What were you afraid of - taxing billionaires? Helping first-time homebuyers? Harris' "opportunity economy"? It seems like none of you thought this through. Or, worse, you did. The Republican Congress is a joke Another element of Trumpism is the fact that Republicans in Congress seem to be fine with the way he is completely dismantling the United States government. They don't care that his One Big Beautiful Bill Act is going to add to the deficit, so long as it's a Republican putting us further into debt. Some of them, like Rep. Marjorie Taylor Greene of Georgia, failed to even read the bill before voting for it. Their lack of interest is so substantial that she just admitted it openly. Opinion: Why can't Democrats take advantage of all this obvious Republican failure? If Harris had been elected, there would be no need for Congress to monitor her every move (even if they're failing to do that with Trump). Instead, we may have seen a legislature that, while divided, was able to function. We would have had checks and balances and likely significantly fewer executive orders, none of which would have tried to rewrite the U.S. Constitution. Opinion alerts: Get columns from your favorite columnists + expert analysis on top issues, delivered straight to your device through the USA TODAY app. Don't have the app? Download it for free from your app store. Once again - is this really what Republicans still want? Are they so scared of the possibility of trans people having rights or undocumented immigrants receiving due process that they would choose a government that won't stand up to tyranny? Would they really elect a tyrant in the first place? They did, so I suppose they must be OK with all of it. I can't get over the fact that Republicans willingly chose chaos over stability. They would rather say they won than have a functioning government or a stable economy. They would rather see our country suffer than admit that Trump is a raging lunatic. That isn't patriotism - it's partisanship. They would rather give Musk billions in federal contracts than help Americans in any way. This is what nearly half the country chose for the rest of us. And it doesn't seem like anyone is embarrassed about it. Follow USA TODAY columnist Sara Pequeno on X, formerly Twitter: @sara__pequeno
