China’s Vice Premier He Lifeng has, according to a readout from the Ministry of Commerce, assured foreign business leaders that Beijing will continue to open up its market and welcome more investment from multinational companies. He also discussed trade and economic partnerships between China and the U.S., with top executives from multinational companies like Apple, Pfizer, Mastercard, Eli Lilly and more.
“China remains committed to expanding high-level opening up of the market, improving the business environment and welcoming more multinational companies to deepen their investment in China,” he said, adding that China’s economy is “resilient, full of potential and vitality.”
The China Development Forum, which started on Sunday, had high-profile attendees such as Tim Cook of Apple, Cristiano Amon of Qualcomm, Pascal Soriot of AstraZeneca as well as visiting U.S. Republican Senator Steve Daines.
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Meanwhile, Chinese Premier Li Qiang stated that China is prepared for “shocks that exceed expectations” as the world anticipates President Donald Trump’s announcement of additional tariffs on trading partners next month. He also urged nations to expand market access amid rising economic fragmentation.
“Instability and uncertainty are on the rise,” Li said. “At this moment, it is even more crucial for countries to open their markets further and for businesses to share their resources.” He added, “in today’s increasingly fragmented world with rising instability and uncertainty, it is more necessary for countries to open up their markets and enterprises… to resist risks and challenges.”
This comes at a time of heightening tensions between the two countries over Trump’s imposition of tariffs. Trump had announced a wave of fresh “reciprocal” tariffs to take effect on April 2, targeting countries with trade barriers on U.S. products, which could include China. He imposed 20% tariffs on Chinese exports in March, prompting China to retaliate with additional duties on American agricultural products.