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China woos foreign investors in meetings with Apple CEO, global executives
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China woos foreign investors in meetings with Apple CEO, global executives
Mar 23, 2024 8:55 AM

SHANGHAI, March 23 (Reuters) - Chinese Commerce Minister

Wang Wentao has met top executives of global companies including

Apple Inc ( AAPL ) and SK Hynix Inc ahead of a major business conference

as Beijing woos foreign investors amid geopolitical and trade

tensions.

In the meetings with Apple ( AAPL ) CEO Tim Cook, Hynix

CEO Kwak Noh-Jung and other global chiefs on Friday

and Saturday, Wang said China was committed to opening up its

economy and offered growth opportunities for multinationals,

according to ministry statements.

The meetings took place ahead of the China Development

Forum, which will be held in Beijing on Sunday and Monday. It is

a high-level annual event where foreign business leaders can

interact with senior Chinese government officials.

China, grappling with a slowing economy, is stepping up

efforts to attract foreign companies amid heightened Sino-U.S.

tensions and Western "de-risking" efforts to diversify supply

chains away from China.

Foreign investment flows into China shrank nearly 20% in the

January-February period from a year earlier, commerce ministry

data showed on Friday.

Cook opened Apple's ( AAPL ) newest store in Shanghai on Thursday, as

the phone maker battles falling iPhone sales in China and rising

competition from domestic rivals such as Huawei. The smartphone

maker is now facing a major antitrust action in the United

States.

Wang told Cook that China-U.S. economic and trade

cooperation is a stabilising force for bilateral relations and

that China was willing to work with the United States to create

a "fair, stable and predictable environment" for businesses, the

ministry said.

In a separate meeting, Wang and CEO Kwak of semiconductor

maker Hynix discussed supply chain cooperation between China and

South Korea, the ministry said.

Wang said he hoped that Hynix can continue to invest in

China, and share growth opportunities from the country's huge

electronics consumer market.

The U.S. government has been pressing its allies including

South Korea, the Netherlands and Japan to curb China's access to

advanced semiconductor technology.

In a meeting with BNP Paribas chairman Jean

Lemierre, Wang said China hoped to resolve Sino-Europe trade

disputes through dialogue and cooperation, and that the French

lender could play an active role in the process.

Trade disputes between China and Europe have been mounting

over the past year. The European Union has launched an

investigation into Chinese electric vehicle imports over state

subsidies, while China has opened an anti-dumping investigation

on brandy imported from the EU.

Wang also held a roundtable on Saturday with executives of

global drugmakers including Bristol-Myers Squibb, GSK

and Pfizer, the ministry said.

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