The Globe and Mail reports in its Tuesday edition that China's economy czar, Vice-Premier He Lifeng, is seeking to reassure foreign chief executive officers of the country's business potential, describing the economy as highly resilient.
A Reuters dispatch to The Globe says that Mr. He met with the heads of Apple, Pfizer, Mastercard, Cargill and others on Sunday, and held meetings with pharmaceutical firm Eli Lilly, medical device company Medtronic and specialty glass maker Corning.
Beijing is keen to stabilize foreign investment and attract new capital as policy-makers try to boost domestic consumption to offset the effect of U.S. tariffs on Chinese goods.
Several global investment banks have acknowledged China's latest supportive policy moves, with Nomura, ANZ, Citigroup and Morgan Stanley all raising their forecasts for the country's 2025 economic growth by 50 basis points since last week.
However, they all fell short of China's official growth target of around 5 per cent, citing U.S. tariffs and domestic deflationary pressures. Foreign CEOs are attending the China Development Forum in Beijing on Sunday and Monday, with some expected to meet Chinese President Xi Jinping on Friday, sources have told Reuters.
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