Full Text: Xi's Speech to Global CEOs
How Xi Woos World Business Leaders as Trump Intensifies Trade War
On the morning of Friday, March 28, Xi Jinping met with representatives of the international business community at the Great Hall of the People in Beijing.
A few points before a translation of the full speech.
Xi began his speech by paying tribute to the numerous benefits foreign businesses brought to the country, providing badly-needed Chinese political currency to the operations of multinationals, overwhelmingly from the West. After years of deteriorating relations between China and the West, the top leader’s open gratitude to multinationals will likely help the Chinese government and society correct its increasing securitization and paranoia over the West.
China’s stunning achievement is not only thanks to the governing Communist Party of China and the Chinese people but “also support and help from the international community, including the contribution of foreign businesses operating in China,” Xi said.
Foreign businesses, Xi said, “account for one-third of China’s total imports and exports, one-quarter of its industrial added value, and one-seventh of its tax revenues, creating over 30 million jobs.”
In Chinese domestic politics, official positioning of a thing or event is essential. Xi’s positioning of foreign businesses is “important participants in the Chinese modernisation drive, in the country’s reform, opening and innovation, and in its interconnectivity with the world and integration into economic globalisation.“
In music to the ears of the foreign CEOs, Xi even made the point to say, “Here, I would like to express my sincere gratitude to all the foreign businesses that have participated in and supported China’s development!” with an exclamation mark.
Many will say the Chinese President is, in essence, responding to multinational companies’ increasing pessimism in the Chinese market, evidenced by falling foreign direct investment. Xi acknowledged, albeit diplomatically, that “in recent years, foreign businesses have indeed encountered certain difficulties in their development in China.” Facing the problem directly is undoubtedly better than pretending it doesn’t exist.
Xi went into more detail than ever before, for example, recognizing that multinationals often fail to access business opportunities despite market openings on paper. He said, “We will work to resolve the issue of ‘big doors open, but small doors remain closed’ in market access, ensuring that foreign-invested enterprises not only gain entry into opened sectors but also enjoy full and fair access in operations.”
He acknowledged that multinationals often feel discriminated against by re-emphasizing that China has long “maintained that foreign businesses in China should enjoy national treatment, with equal application of laws, equal status, and equal treatment. We will ensure that foreign enterprises have fair and lawful access to production factors.”
He tacitly admitted that multinationals often can’t benefit from government procurement in China by promising, “We will also ensure that products manufactured in China by foreign businesses can participate in government procurement on an equal footing, in accordance with the law.”
Xi underlined that multinationals must be ensured regular access to the Chinese government.
Many will also say Xi is taking advantage of the Trump shock. His remarks are standard by Chinese standards, including “Many foreign businesses, especially multinational companies, carry substantial global influence. We hope you will speak with reason, act with pragmatism, firmly oppose retrogressive moves that turn back the clock of history, reject zero-sum thinking, and actively promote cooperation and mutual benefit.”
As Trump pauses U.S. funding for the World Trade Organization (WTO), Xi doubles down on the WTO, saying, “The multilateral trading system, with the World Trade Organization at its core, is the cornerstone of international trade…We must uphold the principles and rules of the WTO, continue advancing trade and investment liberalisation and facilitation, and encourage all countries to expand the ‘pie’ of shared development through greater openness.”
Xi promises more opening-up “Lowering the threshold of market access will be a key priority in the next phase of opening up. I have specifically emphasised that opening-up measures should be translated into reality sooner rather than later. This year, we will expand pilot opening programs in selected areas and accelerate opening in sectors such as culture and education.”
Culture and education are the sectors that, should one want to, can be portrayed as strongly linked to ideology in the Chinese context, one of the most sensitive domains that the Communist Party of China has closely guarded, as ideology is considered related to regime security. It will be interesting to see what the opening up will look like here.
Xi vows China has no interest in any military conflict, saying “China will unswervingly pursue a path of peaceful development, actively promote the resolution of international and regional hotspot issues, and strive to create an enabling environment for foreign businesses.” This may be a stretch, but Taiwan comes to mind - let’s not pretend that isn’t every multinational’s nightmare scenario.
On Friday night, Beijing promptly released Xi’s full remarks on top of its usual readouts. That is a sign of the emphasis on meeting with foreign businesses. The full remarks also help as they more officially and conveniently serve as references for shrewd political operators, including hopefully the government affairs and public relations specialists of the multinationals who should wield it as a valuable tool in their China dealings.
Two friends of mine in a WeChat group have helpfully shared a list of foreign participants in the meeting with Xi.
As you will see from the document, 14 of the 38 participants are American, 10 are German, 6 are British, 3 are French, 2 are Japanese, 2 are Korean, and one each from Switzerland, Denmark, and Sweden. There is also one from Brazil and one from Saudi Arabia.
As much as Beijing would like to talk about BRICS and Global South, the game is still Western when it comes to foreign investment and multinationals - remember, the foreigners gathered are officially described by China as “Representatives of the International Business Community.”
For real China nerds, video footage is a must.
Speech at the Meeting with Representatives of the International Business Community
(March 28, 2025, Beijing)
Xi Jinping, President of the People’s Republic of China
I am very pleased to meet with all of you during this warm spring season. The reason for inviting everyone here is to listen to your thoughts, address your concerns, and support the further development of foreign businesses in China. I would like to share four points.
I. Foreign businesses have played an important role in promoting China’s reform, opening up, and modernisation.
Over the past seven decades since the founding of the People’s Republic of China, especially over the past four decades of reform and opening up, China has created two major miracles: rapid economic growth and enduring social stability. This has been achieved through the strong leadership of the Communist Party of China (CPC) as well as the unity and hard work of the Chinese people, and also support and help from the international community, including the contribution of foreign businesses operating in China.
Thanks to reform and opening up, and importantly to actively leveraging foreign capital, China was able to rapidly enter the global market and catch up with the times in great strides. In 1979, China enacted the 中外合资经营企业法 Sino-Foreign Equity Joint Venture Law, marking the beginning of the opening of its doors to foreign investment. In 1992, China decided to establish a socialist market economy, which accelerated foreign investment in the country. In 2001, China officially joined the World Trade Organisation, leading to a surge in foreign investment. After the 18th National Congress of the Communist Party of China, China entered a new phase of high-level opening-up, achieving new breakthroughs in foreign investment. To date, foreign investment in China spans 20 industries and 115 major sectors, with over 1.24 million enterprises established and investments nearing $3 trillion.
Foreign businesses and investment have played a vital role in China’s development.
First, they have driven economic growth and employment. Foreign businesses account for one-third of China’s total imports and exports, one-quarter of its industrial added value, and one-seventh of its tax revenues, creating over 30 million jobs.
Second, they have boosted technological and managerial progress. The advanced technologies and management experience brought by foreign businesses have had a positive impact on the development of Chinese companies and talent cultivation. Over the past decade, R&D investment by foreign industrial businesses in China has increased by 86.4%, and the number of effective invention patents has grown by 336%.
Third, they have facilitated reform and opening up. Foreign investment has helped China integrate more deeply into the global industrial division of labour, actively align with international high-standard economic and trade regulations, and drive reforms in economic, technological, ecological, and other systems and mechanisms. Foreign businesses have also actively participated in China’s poverty alleviation efforts and other social welfare initiatives, forging profound friendships with the Chinese people.
Practical experience has shown that foreign businesses are important participants in the Chinese modernisation drive, in the country’s reform, opening and innovation, and in its interconnectivity with the world and integration into economic globalisation. Here, I would like to express my sincere gratitude to all the foreign businesses that have participated in and supported China’s development!
We are pleased to see that foreign investment in China has enjoyed handsome returns. Some businesses have expanded from a single line of operation to diversified operations, others have grown from a presence in one location to a widespread network, and some have grown from a single factory into large corporate groups, with their business scale increasing severalfold, tenfold, or even a hundredfold. As an ancient Chinese saying goes, “You offer me a peach, and I return it with jade,” embodying the spirit of mutual benefit and win-win cooperation.
II. China Will Remain a Favoured Choice for Foreign Investment and Business Operations
China has been a major contributor to and anchor of stability for global growth for many years. The country is on a Chinese path to modernisation in all respects. It offers a vast stage for business development, vast market prospects, a stable policy outlook, and a secure environment, making it a favoured choice for foreign investment and business operations.
Committed to the fundamental national policy of opening up to the world, China is advancing high-standard opening up and taking solid steps to expand institutional opening up, such as that of rules, regulations, management, and standards. I wish to reaffirm here that China’s door will only open wider. The policy of welcoming foreign investment has not changed and will not change.
Having the world’s second-largest consumer market and largest middle-income group, China offers great potential for investment and consumption. With a commitment to high-quality development, China is accelerating green, digital and smart transformation, which, coupled with the country’s sophisticated industrial ecosystem, provides the best testing ground for the latest outcomes of the technological revolution and industrial upgrading. Foreign businesses can fully leverage their strengths in China and gain a competitive edge globally.
China has developed relatively sound regulations, policies and procedures for foreign investment, strengthened legislation in this field, promoted trade and investment liberalisation and facilitation, and made active efforts to foster a first-class business environment that is market-oriented, law-based and internationalised. China is committed to building a transparent, stable, and predictable policy climate. The Negative List for Foreign Investment Access has been cut from 190 items at its inception to 29 nationwide and 27 in pilot free trade zones. In the manufacturing sector, all access restrictions have been lifted. In recent years, amid significant changes in the global economic landscape, China has rolled out a series of policies to stabilise foreign investment and continued to build up the “Invest in China” brand. Local governments across the country have also enhanced support services for foreign businesses—and these efforts will only continue to improve.
China enjoys long-standing political stability as well as law and order and is widely recognised as one of the safest countries in the world. I am sure that those living and working in China can experience the cultural heritage of harmony and coexistence and feel the social atmosphere of trust, goodwill, and friendly relations.
All this shows that China has been and will remain an ideal, secure, and promising destination for foreign investors. Embracing China is embracing opportunities, believing in China is believing in a better tomorrow, and investing in China is investing in the future. We hope foreign enterprises will set aside their concerns, strengthen their confidence, and feel assured in pursuing development in China and sharing in its growth opportunities.
III. Effectively Addressing the Challenges Faced by Foreign Businesses in China
In recent years, foreign businesses have indeed encountered certain difficulties in their development in China. The Chinese government’s position is clear: issues arising from domestic administration should be resolved through further deepening of reform and opening up. The third plenum of the 20th CPC Central Committee has made a road map and timetable for further reforming the regulatory framework for inbound and outbound investment. We are confident that, as these measures are implemented, the concerns of foreign enterprises will be effectively addressed.
First, with regard to further opening up. Lowering the threshold of market access will be a key priority in the next phase of opening up. I have specifically emphasised that opening-up measures should be translated into reality sooner rather than later. This year, we will expand pilot opening programs in selected areas and accelerate opening in sectors such as culture and education. At the same time, we will work to resolve the issue of “big doors open, but small doors remain closed” in market access, ensuring that foreign-invested enterprises not only gain entry into opened sectors but also enjoy full and fair access in operations.
Second, on upholding fair market competition. We have always maintained that foreign businesses in China should enjoy national treatment, with equal application of laws, equal status, and equal treatment. We will ensure that foreign enterprises have fair and lawful access to production factors, accelerate the development of a unified national market, and work to address unhealthy competition in certain sectors. We will also ensure that products manufactured in China by foreign businesses can participate in government procurement on an equal footing, in accordance with the law. We take your concerns seriously—where there are issues, we will respond promptly.
Third, on strengthening services and support. I have repeatedly emphasised the need to strengthen communication with foreign businesses, provide as much convenience as possible for them to trade and invest in China, and protect the legitimate rights and interests of foreign businesses in accordance with the law. The Ministry of Commerce holds monthly roundtable meetings with foreign businesses to listen to their concerns and help resolve difficulties. The National Development and Reform Commission continues to implement special initiatives to support foreign businesses, including one-on-one visits to key firms to address specific issues. These practices will be sustained. For matters involving multiple departments, coordination efforts will be intensified to facilitate joint solutions. To promote cross-border mobility and improve convenience for foreigners in China, relevant authorities have already introduced a series of measures in recent years, and we will work to ensure their expanded implementation.
In recent years, foreign investment in China has also been affected by geopolitical factors—an issue that falls within the realm of international politics and diplomacy. As I often say: putting out someone else’s light won’t make your own shine brighter; blocking another’s path will ultimately obstruct your own.
On the issue of China-U.S. relations, which is of particular concern to many, our consistent view is that the steady, sound, and sustainable development of China-U.S. relations serves the fundamental interests of both peoples. The essence of China-U.S. economic and trade relations is mutual benefit and win-win cooperation. Trade frictions should be properly addressed through dialogue and consultation on the basis of equality. China will handle its relationship with the United States in accordance with the principles of mutual respect, peaceful coexistence, and win-win cooperation. At the same time, China will unswervingly pursue a path of peaceful development, actively promote the resolution of international and regional hotspot issues, and strive to create an enabling environment for foreign businesses.
There is an old Chinese saying: “When in a country, follow its customs; when entering a household, avoid its taboos.” The Chinese government has consistently emphasised that Chinese companies operating abroad must comply with local laws and regulations, respect local cultures and customs, operate with integrity, and actively fulfil their social responsibilities. Likewise, foreign businesses in China are expected to do the same.
IV. Working Together to Uphold the Global Economic Order
Multilateralism is the only choice for addressing global challenges, and economic globalisation is an unstoppable trend in history. China upholds true multilateralism, promotes universally beneficial and inclusive economic globalisation, actively participates in global economic governance, and is committed to building an open world economy. Foreign businesses, especially multinational companies, play an important role and bear significant responsibility for maintaining the global economic order. We must work hand in hand to advance economic globalisation in the right direction.
We must jointly safeguard the multilateral trading system. The multilateral trading system, with the World Trade Organisation at its core, is the cornerstone of international trade. At present, the World Openness Index continues to decline, while unilateralism and protectionism are on the rise. Multilateralism and free trade are facing severe challenges. We must uphold the principles and rules of the WTO, continue advancing trade and investment liberalisation and facilitation, and encourage all countries to expand the “pie” of shared development through greater openness. Many foreign businesses, especially multinational companies, carry substantial global influence. We hope you will speak with reason, act with pragmatism, firmly oppose retrogressive moves that turn back the clock of history, reject zero-sum thinking, and actively promote cooperation and mutual benefit.
We must work together to maintain the stability of global industrial and supply chains, which is essential for the healthy development of the world economy. Practices such as “decoupling” harm others without benefiting oneself and lead nowhere. Many foreign businesses serve as key players in global supply chains, forming symbiotic and mutually beneficial ecosystems with a wide network of upstream and downstream partners. Upholding the spirit of contract and taking root in host countries not only supports the long-term growth of these enterprises but also contributes to the overall stability of global supply chains. We hope you will adopt a long-term, strategic perspective, resist pressures that disrupt the security and stability of global supply chains, and inject more positive energy and certainty into global development.
We must work together to protect the international environment for openness and cooperation. Certain countries have adopted the so-called strategy of “high fences and small yards,” imposed tariff barriers, and politicised, instrumentalised, weaponised, and pan-securitised economic and trade issues—pressuring businesses to take sides and make decisions that defy market logic. Such actions run counter to market rules and the prevailing trend toward openness. Enterprises are market actors. We hope you will respect market principles, uphold market rules, make independent business decisions, and work together to foster an open, inclusive, and stable global economic order.
As a Chinese saying goes, “For those who share the same aspirations, no mountain or sea is too far to cross.” Many of you have come from afar to invest in China, driven by high hopes and a friendship with the Chinese people. Today’s face-to-face exchange has deepened our mutual understanding, strengthened our bonds, and reinforced our confidence. We stand ready to work together with all foreign businesses to expand cooperation on this dynamic land and jointly write a new chapter of mutual benefit and shared success.
Thank you.
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