25th to 27th to hold the China Development Forum to announce the ‘re-opening’
The first large-scale face-to-face meeting after the abolition of ‘Zero Corona’
Samsung Electronics Chairman Lee Jae-yong and Apple CEO Tim Cook likely to attend
As China reopens the door that had been locked due to the novel coronavirus infection (Corona 19), Samsung Electronics Chairman Lee Jae-yong and other global corporate CEOs are expected to visit China en masse this month. It is to attend the China Development High-Level Forum (Development Forum) held in Diaoyutai, Beijing on the 25th and 27th. It shows the expectations of companies due to China’s reopening (resumption of economic activities) amidst the intensifying competition for supremacy between the United States and China.
According to the Beijing Daily on the 23rd, this year’s development forum, held under the theme of “Economic Recovery: Opportunity and Cooperation,” will be attended by about 30 central government officials, 20 heads of state-owned enterprises and financial institutions, and 100 foreign figures. This development forum is the first large-scale face-to-face international conference held by the Chinese authorities since the abolition of the “zero corona” policy.
In particular, among the overseas personnel, executives of major global companies in about 10 industries, including energy, finance, insurance, information and communication, equipment manufacturing, pharmaceuticals, consumer goods and services, were included. Samsung Electronics Chairman Lee Jae-yong is also known to be likely to attend the meeting. In addition to Samsung Electronics, he is said to have invited major Korean companies such as SK and Posco.
Previously, the Wall Street Journal (WSJ) reported that Volkswagen CEO Oliver Blume visited China from the end of last month to early this month, followed by Apple CEO Tim Cook, Pfizer CEO Albert Bulla, and Benz Chairman Ola Schellenius planning to visit China. It is not known exactly whether all other CEOs except Cook will travel to Beijing to attend the development forum.
In this regard, the WSJ diagnosed, “The visit of global corporate executives to China shows how much Western companies want business opportunities to be gained from China’s reopening despite rising geopolitical tensions between the US and China.”
The Development Forum is an event hosted by the Development Research Center of the State Council (Administration) of China and supervised by the China Development Research Fund.
At the meeting, China will explain its plans to achieve the goal of 5% growth this year. In addition, it is expected to express its willingness to open up to the outside world to expand foreign investment amid massive pressure and blockade from the United States.
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Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.