Sensitive to Situation After US Guardrail Announcement
Attended Afternoon Private Session to Meet Foreign CEOs
Samsung Electronics Chairman Lee Jae-yong attended the 'China Development High-Level Forum' held in Beijing, China, on the 25th. It is reported that Lee met with senior Chinese political and economic figures as well as CEOs of global companies during a closed session for foreign companies held in the afternoon.
According to sources, Lee entered China through Beijing Capital International Airport on the afternoon of the 23rd via a chartered flight to attend the forum held at the Diaoyutai State Guesthouse in Beijing. The development forum is the first international event held since the Chinese government relaxed COVID-19 prevention measures and transitioned to a with-COVID policy.
Samsung Electronics Chairman Lee Jae-yong is moving to attend the China Development High-Level Forum held at the Diaoyutai State Guesthouse in Beijing on the 25th. (Photo by Beijing Correspondents)
Samsung Electronics Chairman Lee Jae-yong is moving to attend the China Development High-Level Forum held at the Diaoyutai State Guesthouse in Beijing on the 25th. (Photo by Beijing Correspondents)
According to on-site reporters, when Lee entered the forum venue and was asked by reporters about the purpose of his attendance and his impressions of the visit to China, he only replied, "The weather is nice," and remained reserved. This is interpreted as being mindful of the attention on the background of his visit following the U.S. government's announcement of specific 'guardrail' regulations restricting semiconductor companies' production expansion in China. Samsung Electronics, which operates NAND flash and semiconductor packaging factories in Xi'an and Suzhou, respectively, produces 40% of its total NAND flash in China, making it impossible to avoid the impact of the guardrail regulations.
Not only Chairman Lee but also notable figures such as Ray Dalio, founder of the world's largest hedge fund Bridgewater Associates, and Tim Cook, Apple CEO, attended the event. It is also reported that about 100 CEOs from Chinese state-owned enterprises, financial institutions, and global companies such as Pfizer, Qualcomm, Siemens, and BMW participated. The attending business leaders are expected to meet with senior Chinese officials such as Premier Li Qiang and Vice Premier He Lifeng during the forum.
The large-scale participation of global company CEOs is also analyzed as reflecting each company's commitment to their business in China. The Chinese state-run Global Times (GT) mentioned CEO Cook's attendance, reporting that "despite increasing demands from U.S. officials for economic decoupling and supply chain restructuring from China, it reflects the determination of American companies toward the Chinese market."
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