China Courts Apple, Pfizer, Eli Lilly Amid US Pressure, Vice Premier Says Beijing ‘Will Continue To Improve The Business Environment’

On Sunday, Chinese Vice Premier He Lifeng met with top executives from Apple Inc. AAPL, Pfizer Inc. PFE, Mastercard Inc. MA, Eli Lilly and Co. LLY, Cargill, and other major firms.

What Happened: “China will continue to improve the business environment and welcome more investment by multinational companies in China, sharing opportunities for development,” he told the leaders, describing the country’s economy as “highly resilient” and “full of vitality.”

Executives from medical device maker Medtronic PLC MDT and investment management firm Conning were also in attendance, reported Reuters, citing a statement from China’s Ministry of Commerce.

However, the statement did not specify where the meeting took place.

Many of the executives are in Beijing to attend the China Development Forum, where further high-level meetings, including a possible session with President Xi Jinping, are expected later this week, the report noted, citing unnamed sources.

See Also: Alibaba’s Joseph Tsai Says ‘Everyone Is Concerned About Tariffs,’ As He Expects Levies On Chinese EVs

Why It’s Important: Beijing has ramped up efforts to attract foreign capital amid a slowing economy and fresh U.S. tariff headwinds under President Donald Trump.

While American companies made up the largest group at this year’s forum, sources say fewer U.S. CEOs attended compared to last year—signaling ongoing caution in cross-border corporate relations, the report noted.

Previously, the Chinese President expressed concerns about the possibility of China facing isolation similar to the Soviet Union during the Cold War. The ongoing trade war has heightened fears of economic isolation.

 Despite these challenges, China remains a leader in technological advancements, particularly in artificial intelligence and robotics, according to investor Ray Dalio.

Image via Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.