China’s Xi makes strong push for greater foreign investment as economy continues to lag
BEIJING — In an address to major global business leaders, Chinese President Xi Jinping urged foreign investors to have faith in China’s business prospects, the latest move to revive the world’s second-largest economy that has been dragged down by a property bust and a loss of momentum. “China has always been and will certainly be an ideal, safe and promising investment destination for foreign investors,” Xi told executives, including Akio Toyoda, chairman of Toyota, Lee Jae-yong, chairman of Samsung Electronics and Stephen Allen Schwarzman, CEO of investment firm Blackstone. China’s unprecedentedly tough response to the COVID-19 outbreak also shut down business for much of three years and some sectors of the economy have yet to recover, particularly where global supply chains are involved. Blocking other people’s paths will eventually block your own paths.” For now, however, China is seeking to portray itself as “an ideal, safe and promising investment destination for foreign investors,” he said.
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