China Development Forum Opens on 25th... Global CEOs Gather

First In-Person Meeting Held After 3 Years

As the United States unveils details of its semiconductor support law targeting China, global corporate leaders including Samsung Electronics Chairman Lee Jae-yong and Apple CEO Tim Cook are gathering at the China Development High-Level Forum (hereafter Development Forum), which China has organized to attract foreign capital.

According to local Chinese media on the 24th, the Development Forum will be held for three days starting on the 25th at the Diaoyutai State Guesthouse in Beijing. This meeting will be the first face-to-face event in three years since the outbreak of COVID-19.

Under the theme "Economic Recovery: Opportunities and Cooperation," this year’s Development Forum will be attended by about 30 senior officials from central Chinese government departments, around 20 heads of state-owned enterprises and financial institutions, and over 100 overseas figures. Among the overseas attendees are CEOs of global companies from more than 10 industries including energy, finance and insurance, information and communications, equipment manufacturing, pharmaceuticals, consumer goods, and services. In addition to Chairman Lee and Tim Cook, attendees include Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates; Stephen Schwarzman, CEO of Blackstone; and Amin H. Nasser, CEO of Saudi Aramco.

Chairman Lee, who arrived at Beijing Airport on a chartered flight the previous afternoon, is expected to meet with high-level officials such as Chinese Premier Li Qiang and Vice Premier He Lifeng during the forum along with other participants. This visit is particularly noteworthy as it comes immediately after the U.S. announced guardrail regulations under the semiconductor support law that limit the production capacity of global semiconductor companies including Samsung Electronics and SK Hynix in China, drawing attention to what discussions may unfold.

Bloomberg reported that the scale of attendance by U.S. corporate CEOs has been significantly reduced compared to previous events, marking a difference from past forums. Amid escalating U.S.-China tensions, many American companies have sent executives instead of CEOs. The U.S. is increasingly raising its level of checks against China, including establishing a "China Special Committee" in Congress led by Representative Mike Gallagher, a prominent Republican anti-China figure.

Bloomberg stated, "U.S. companies are trying to avoid facing congressional anger," and added, "The uneasy atmosphere surrounding China’s return to the Development Forum reflects how much the global corporate sentiment toward the world’s second-largest economy has deteriorated since the zero-COVID policy."

In this context, the Chinese government plans to explain its vision to global corporate executives regarding the rebuilding of the global industrial network being reshaped amid the U.S.-China hegemonic rivalry, expanding domestic demand to achieve a 5% economic growth target, and other government initiatives. It also intends to actively express its commitment to expanding foreign capital attraction and further opening up to the outside world.