BEIJING/HONG KONG (Reuters) – Chinese Prime Minister Li Qiang does not intend to hold a meeting with foreign leaders at the upcoming China Development Forum (CDF) at the end of March, three sources briefed on the matter said, raising concerns about Beijing’s commitment to attract investment from abroad during a period of worsening mood.
The high-level forum, organized annually by Beijing since 2000 at the Diaoyutai State Guest House, has traditionally served as an opportunity for world leaders and Chinese politicians to meet and discuss foreign investment. Regular attendees include Apple (NASDAQ:) CEO Tim Cook and Ray Dalio, founder of Bridgewater Associates.
A key element of the forum each year is the meeting of the Chinese prime minister with visiting leaders to exchange questions and opinions. While Lee still plans to attend the forum on March 24-25 this year, he will not hold the meeting, three sources said.
The sources declined to be identified because they were not authorized to speak to the press. They also added that plans for the forum are still being finalized and may change.
CDF organizers and the State Council Information Office, which handles media requests for the council, China’s cabinet, did not immediately respond to requests for comment.
The decision not to hold the CDF meeting came shortly after China announced it would scrap the premier’s post-parliament press conference last week, one of the most widely watched events on its economic and political calendar, which some observers saw as a sign of the country’s increasing focus on itself and centralized control.
“From a global CEO’s perspective, this development may be somewhat disappointing. At a time of significant uncertainty, business leaders would definitely prefer a direct channel of communication with senior leaders in China to express concerns and receive clear messages,” said Yue Su, chief China economist. at the Economist Intelligence Unit.
Lee held his first and major public meeting with foreign CEOs at the CDF early last year, less than a month after becoming prime minister, when he told them the country would continue to open up, according to data released by the foreign ministry. affairs of China.
He repeated that message in a series of meetings with foreign business leaders at events leading up to 2023 and earlier this year, most recently at the World Economic Forum in Davos, where he had a private lunch with the likes of JP Morgan CEO Jamie Dimon and US Bank. Americas CEO Brian Moynihan.
Foreign businesses are trying to reconcile Chinese leaders’ public push for overseas investment with a broader anti-espionage law, raids on consulting and due diligence firms, and travel bans. Sentiment was also impacted by a weaker-than-expected economic recovery from Covid-19.
Foreign investment flows into China fell 11.7% in January from a year earlier to 112.71 billion yuan ($15.70 billion), China’s Ministry of Commerce said last month.
($1 = 7.1773 yuan)
(This story has been rewritten to correct wording in paragraph 2)