China’s Xi calls on top executives to help restore global order as trade tensions with U.S. rise

cnbc.com:

BEIJING — Chinese President Xi Jinping on Friday met with global executives and made a case for investing in the country, as Beijing focuses on reaching out to businesses amid escalating trade tensions with the U.S.

He emphasized that China was a safe and stable place for foreign businesses. «To invest in China is to invest in tomorrow,» he said in Mandarin translated by CNBC. 

China would ensure fair opportunities for foreign businesses to participate in government procurement bids, echoing recent policy plans, Xi added.

Business leaders Xi met included Bridgewater Associates' Ray Dalio, Standard Chartered CEO Bill Winters  and CEO of the Blackstone Group Steve Schwartzman. He said multinational companies have a big responsibility in restoring global order and that they needed to work hand in hand with China.

More than 40 people, mostly foreign executives and business officials, attended the roundtable meeting with Xi.

U.S. President Donald Trump has raised tariffs by 20% on China since January over its alleged role in the U.S. fentanyl crisis, and threatened a swath of new tariffs on major trading partners starting early April. Trump this week said he might reduce China tariffs to help close a deal that forces Beijing-based ByteDance to sell TikTok's U.S. operations.

The U.S. this week also added dozens of Chinese tech companies to its export blacklist, the first such restrictions under the Trump administration.

Xi said U.S.-China trade tensions should be resolved through negotiations. «We need to work for the stability of global supply chains,» he added, noting there was no way out under decoupling.

China has increased its trade with Southeast Asian countries and the European Union, but the U.S. remains Beijing's