Foreign business leaders are adopting a cautious approach to this year’s China Development Forum, reflecting the increasingly complex relationship between the world’s two largest economies since Donald Trump returned to the White House.
American corporate presence at the high-profile Beijing event appears more subdued compared to previous years, with fewer U.S. executives attending and those who do keeping a deliberately low profile.
“Any trip to China by American CEOs would be very low-key given the current heightened scrutiny on American investment in China from Washington,” said a source familiar with the matter.
Missing CEOs, Missing Dialogue: China Forum Reflects Economic Strain
Notable absences include the CEOs of chip giants Micron and AMD, who attended last year’s forum but are missing from this year’s draft agenda. Other American companies currently under investigation by Chinese authorities – including Google, Illumina, PVH, and Walmart – are also not listed as participants.
Chinese Premier Li Qiang is not expected to hold the customary meeting with foreign CEOs, continuing last year’s break from tradition. This eliminates one of the rare opportunities for international executives to engage directly with senior Chinese leadership.
“I think it’s still important for the Chinese to showcase their interest in foreign businesspeople but it’s hard to see how there is a real dialogue going on,” said Joerg Wuttke, partner at DGA-Albright Stonebridge Group and former president of the European Chamber of Commerce in China. Speaking to reporters in Shanghai, Wuttke highlighted what European businesses have termed “promise fatigue” regarding China’s commitments to economic openness.
The subdued international presence contrasts with last year’s forum, where President Xi Jinping met with approximately 20 American CEOs, dismissing concerns about “China peak theory” and emphasizing the country’s bright growth prospects.
High-level engagement between American and Chinese officials has diminished significantly since Trump took office in January. Chinese Foreign Minister Wang Yi did not meet with any U.S. government representatives during his visit to New York last month, underscoring the diplomatic chill.
Wang Xingxing, Miranda Qu, and China’s 2025 Economic Goals
While international participation appears limited, the forum will feature prominent domestic attendees including Wang Xingxing, CEO of Unitree Robotics, and Miranda Qu, CEO of social media platform RedNote. The app gained significant popularity in the United States earlier this year when ByteDance-owned TikTok faced the threat of a ban.
Wang was one of the few tech chiefs who sat down with President Xi last month in a widely seen display of backing for China’s tech industry against U.S. attempts to slow China’s technological progress.
Hong Kong Finance Secretary Paul Chan and senior IMF and World Bank officials will also be present at the forum, said the draft agenda. This year’s agenda focuses on development in China’s healthcare sector and policies for stimulating domestic consumption – in conformity with Beijing’s economic goals in 2025. Chinese regulators have made strengthening domestic demand their top priority in order to mitigate the effect of U.S. tariffs on exports.
Although China’s government continues to have an economic growth goal of approximately 5% in 2025, experts question whether the goal is achievable under the challenges posed by export weakness, sluggish household spending, and the ongoing housing crisis. Recent indicators indicate retail sales in January-February increased by 4.0%, the quickest since November 2024.
Chinese policymakers have recently initiated a policy realignment to enhance consumer demand over supply-side interventions. The government introduced a “special action plan” to propel domestic consumption on Sunday, and that involved initiating a childcare subsidy system.
The shifting dynamics of the China-Forum reflect broader tensions within the U.S.-China relationship, with both sides having to operate on increasingly tricky economic and political terrain. This is territory that business leaders from the two countries approach cautiously, and the forum is a gauge for the difficult landscape for international business interaction with China in 2025.
