Ola Kallenius, Chairman of Mercedes-Benz, said at the China Development Forum (CDF) that opened in Beijing on the 23rd, "The Chinese market is a crucial pillar of Mercedes-Benz's global strategy and a key driving force for change," adding, "I believe that Mercedes-Benz will continue to expand China's policies of opening up to the outside world, which will further enhance market potential." He also noted to Wang Wentao, Minister of China’s Ministry of Commerce, on the 21st, "In this unstable world, we find stability here with trustworthy people,” explaining, "The reason I say it feels like home when I come here."
As the CDF kicked off on the 23rd and concluded on the 24th, global corporations' leaders gathered in Beijing to express their admiration for China. Despite rising U.S. sanctions against China following the second term of the Trump administration, it is interpreted as a judgment that the importance of the world's largest market cannot be overlooked. The rapidly developing high-tech industry in China is also prompting global corporations to pursue opportunities in China.
According to the Hong Kong South China Morning Post (SCMP) that day, George Elhedery, Chief Executive Officer (CEO) of the British financial institution HSBC, attended the CDF the previous day and stated, "China is ready to lead the future of a resilient and sustainable supply chain through technology-centered continued investment," further adding, "China's new growth drivers, such as electric vehicles, renewable energy, and biotechnology, are creating new opportunities and sources of exports." In response, Gao Xian, a manufacturing analyst in the Shanghai area, said to SCMP, "Chinese electric vehicle corporations are very interested in expanding overseas and need the help of banks like HSBC to increase their understanding of the local market as well as securing financing," noting, "This presents an opportunity for overseas partners as well."
Global corporate CEOs issuing friendly messages while visiting China on the CDF occasion are not few. Apple CEO Tim Cook praised the Chinese generative artificial intelligence (AI) model DeepSeek when asked by reporters if he had tried it at the CDF venue, saying, "Of course. It was excellent." On that day, Apple announced it would make additional donations to the China Development Research Foundation (CDRF) to expand its rural teacher training program. Xu Xin Xiong, CEO of Thailand’s TCP Group, known for its energy drink Red Bull, stated at the CDF opening ceremony, "China's proactive policies will support economic development and create a stable environment for foreign corporations like TCP Group, increasing confidence in investment decisions and business expansion." Britain’s AstraZeneca, the largest foreign pharmaceutical company in China, announced it would invest $2.5 billion (approximately 3.7 trillion won) to establish a global strategy R&D center in Beijing.
Lee Jae-yong, Chairman of Samsung Electronics, who visited China to attend the CDF for the first time in two years, also demonstrated interest in China. On the 22nd, he visited a Xiaomi electric vehicle factory alongside Qualcomm CEO Christiana Aman, where he met Xiaomi Chairman Lei Jun. When he attended the CDF two years ago, Samsung Electro-Mechanics Tianjin business sites were the only public visits, but this time he visited Xiaomi, a competitor in smartphones and home appliances and a customer for vehicle semiconductors. It is speculated that Lee may actively engage with other Chinese corporations, starting with Xiaomi.
The statements and actions of these global CEOs indicate a judgment that, even with the escalation of U.S.-China tensions since the second term of the Trump administration, they cannot afford to overlook the Chinese market. In the case of Mercedes-Benz, 30% of its total sales come from China. However, the Chinese business division has recently been struggling, as its sales in China last year fell nearly 9% compared to the previous year. Mercedes-Benz is accelerating its transition to digitization and electrification to respond to changes in the Chinese market, and cooperation from the Chinese leadership is essential in this process. Apple is facing similar challenges. China is the world’s largest smartphone market, but the iPhone's market share in China fell to 15% last year, down 4 percentage points from the previous year.
China is also in urgent need of investments from global corporations. According to China’s Ministry of Commerce, foreign direct investment (FDI) into China dropped 27.1% last year compared to the previous year. In January and February of this year, FDI also decreased by 20.4% compared to the same period last year. Li Qiang, Premier of the China State Council, reassured global corporate CEOs during his speech at the CDF opening ceremony the previous day, stating, "China is already prepared for unexpected shocks that may occur externally and will ensure the stable operation of the Chinese economy by introducing additional stimulus measures if necessary."
The CDF, held annually by the Chinese leadership following the National People's Congress and the Chinese People's Political Consultative Conference in early March, invites global economic figures to encourage investments. It is customary for Chinese President Xi Jinping or Premier Li Qiang to have separate meetings with business leaders after the forum closes. Last year, President Xi met with a U.S. delegation from the business and academic sectors two days after the CDF closed on March 26, and it is reported that he will meet with global CEOs about four days after this year's closing, around the 28th.