Opening of China Development Forum Emphasizes 'Pro-Market'... Apple, SK Hynix Attend

"Responding to Corporate Concerns"... Emphasizing Pro-Market Approach

China's high-ranking officials gathered with CEOs of global corporations at the 'China Development Forum,' which opened on the 24th in Beijing.

The forum, themed "Sustainably Developing China," was held at the Diaoyutai State Guesthouse in Beijing. A total of 82 global company CEOs, including Apple CEO Tim Cook, participated.

Apple CEO Tim Cook is attending the opening ceremony of the Apple Store in Shanghai, China, on the 21st, taking selfies with local customers. [Photo by Yonhap News]

According to the list released by the forum organizers the day before, all 82 CEOs of global corporations attended. Prominent business leaders included Amin H. Nasser of Saudi Arabia's state-owned oil company Aramco, Darren Woods of ExxonMobil, Ola K?llenius of Mercedes-Benz, Albert Bourla of Pfizer, and Lisa Su of AMD.

International organization representatives included Ajay Banga, President of the World Bank (WB), and Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF).

From South Korea, Kwak No-jung, CEO of SK Hynix, participated as a business representative, and Lee Si-wook, President of the Korea Institute for International Economic Policy, attended as a scholar.

Li Chang, Premier of the State Council of China, emphasized pro-market policies in his opening keynote speech to the global CEOs, stating, "The economic recovery and improvement trend continues to consolidate and strengthen, and the fundamentals of China's long-term economic improvement remain unchanged." He added, "Since last year, we have particularly improved services and established a regular communication mechanism with enterprises to seriously respond to their concerns. We have actively created institutional mechanisms that better combine an efficient market with a capable government." He further stated, "We will protect the legitimate rights and interests of all types of enterprises (state-owned, private, foreign-invested, joint ventures, etc.) and gradually promote institutional opening-up, continuously connecting with the world through a high level of openness."

This forum consists of thematic symposiums and closed-door symposiums. The thematic symposiums discuss topics such as ▲ driving forces and prospects for China's sustainable development ▲ carbon neutrality and global climate governance ▲ artificial intelligence development and governance ▲ health industry ▲ industrial transformation through digitalization ▲ new consumption and stimulation of domestic demand potential ▲ and global economic growth trends.

The Wall Street Journal (WSJ) reported that after the forum concludes on the 27th, President Xi Jinping is scheduled to meet with U.S. business figures including Evan Greenberg, CEO of U.S. insurer Chubb, Stephen Orlins, President of the National Committee on U.S.-China Relations, and Craig Allen, President of the U.S.-China Business Council. This is seen as a sign that President Xi intends to express his willingness for external openness by personally meeting with U.S. business leaders amid ongoing U.S. sanctions against China.

Meanwhile, Li Chang, China's second-in-command, attended the forum again this year following last year, but unlike last year, it is expected that he will not have separate contact with business leaders.

This content was produced with the assistance of AI translation services.