This aerial photo taken on Sept. 10, 2023 shows a view of Zhangjiang area of the China (Shanghai) Pilot Free Trade Zone in east China's Shanghai. (Xinhua/Fang Zhe)

 

Chinese Vice Premier He Lifeng met with Chair of Citigroup John Dugan and CEO of Carlyle Group Harvey Schwartz separately in Beijing on Friday. During the meetings, He stressed China's commitment to high-level opening-up and the encouragement of foreign investment, and pledged to provide ample space for multinational companies to achieve long-term and stable development in the country.

The high-profile meetings serve as a testament to China's opening-up and its growing allure as a lucrative investment destination, with a host of US business leaders recently reaffirming their steadfast commitment to deepening cooperation with China, a Chinese expert said.

During the meetings, He underscored China's robust economic momentum. China's economy has continued its notable rebound, demonstrating strong resilience and great vitality, He said. 

He also extended a warm invitation to foreign financial institutions like Citigroup and Carlyle Group to invest in China, participate in capital market development and share in the country's prosperity.

Dugan said that Citigroup would continue to deepen its presence in the Chinese market and aims to strengthen investment cooperation with China and actively develop new businesses in areas such as securities, futures and financial derivatives. 

Schwartz voiced Carlyle Group's optimism about China's economic prospects and commitment to long-term cooperation and expanded investment.

These commitments from top American business leaders mirror a broader trend of US companies doubling down on China. In the wake of substantial progress in China-US economic and trade talks, industry heavyweights have been flocking to China, signaling their enduring confidence in the market's potential.

Jamie Dimon, CEO of JPMorgan Chase & Co, visited Beijing on Thursday at the invitation of the China Council for the Promotion of International Trade. During his visit, Dimon made it clear that the US has no intention to decouple with China, according to Yuyuan Tantian, a social media account affiliated with the China Media Group, citing people familiar with the matter.

In a Bloomberg interview, Dimon emphasized, "we're long-term investors here." He pointed to China's rapid innovation and sustained global interest as reasons the firm isn't stepping back. 

"The consensus is that companies are going to be doing business here," he said. "There could be some adjustments because of the trade negotiations, but I don't think the American government wants to leave China," he said, according to Bloomberg.

Johnson & Johnson is also ramping up its presence in China. Executive Vice President and Worldwide Chairman of MedTech at Johnson & Johnson Tim Schmid recently met with Beijing's Party Secretary Yin Li and pledged to increase investment and deepen innovation cooperation in the city, introducing more high-quality medical and health products and services, according to a notice on the website of the Beijing Municipal Government on Friday.

President of the American Chamber of Commerce in China Michael Hart also highlighted the market's appeal. 

"China is currently the No.2 global economy in the world. American business will continue to participate in the China market and take advantage of the supply chains, manufacturing base, as well as the consumer base," Hart said at a plenary session of the Global Trade and Investment Promotion Summit 2025 held on Thursday in Beijing.

The flurry of business activity comes on the heels of intensive diplomatic exchanges between China and the US.

Moreover, Chinese Vice Foreign Minister Ma Zhaoxu held a phone conversation on Thursday with US Deputy Secretary of State Christopher Landau, during which they exchanged views on China-US relations and important issues of mutual interest. Both sides agreed to maintain continued communication, according to a release from the Chinese Foreign Ministry.

Yuyuan Tantian, reported that the talks marked the fourth interaction between the Chinese Ministry of Foreign Affairs and the US side within a week. 

Experts pointed out that the upbeat stances and positive remarks of US companies towards China are primarily driven by economic rationality and China's unswerving opening-up policy.

Such business-level and cross-level communication helps track market dynamics. This reflects the market's high regard for China, particularly among US businesses, which remain optimistic about the country's economic potential, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Friday.

"China's attractiveness lies in its vast and stable domestic market, openness and encouragement of innovation," Zhou said.

Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times that as market-driven entities, US companies prioritize profit maximization through global resource allocation, seeking higher efficiency and optimized supply chains. China meets the criteria of an ideal market with its strong economic fundamentals, proactive policy support, and stable environment. 

"More importantly, the Chinese market is open and welcomes foreign investment, in contrast to that of the US," Li said.

Chinese officials have consistently emphasized the country's commitment to openness. The country's top economic planner the National Development and Reform Commission (NDRC) on Tuesday reaffirmed China's opening-up effort and pledged to step up efforts to attract and utilize foreign investment, thereby fostering a favorable environment for multinationals operating in China.

In response to a question about whether China has further taken measures to stabilize foreign investment amid China-US trade frictions, Li Chao, a spokesperson from the NDRC, said on Tuesday over the past 40 years, China has unswervingly advanced reform and opening-up, and has always been an ideal, secure, and promising destination for foreign-invested enterprises. 

Currently, certain countries are implementing unilateralist and protectionist measures, forcing enterprises to take sides and make choices that run counter to economic laws. This has caused great disruptions to the normal operations of multinational enterprises, the spokesperson said.

China will always welcome and remain a fertile ground for foreign-invested enterprises to invest and start businesses. We also call on the relevant countries to quickly return to the right track of multilateralism and free trade, and jointly inject certainty into the development of the world economy, the spokesperson added.