Beijing pledges greater market access as top global CEOs gather at the China Development Forum

China's Vice Premier He Lifeng has reassured foreign business leaders that Beijing will continue to open up its market and welcome more investment from multinational companies, according to a readout from the Ministry of Commerce.

He also discussed deepening economic and trade partnerships between U.S. and China at the meeting Sunday with top executives from Apple, Pfizer, Mastercard, Eli Lilly and other multinational companies, the statement said.

"China remains committed to expanding high-level opening-up of market, improving the business environment and welcoming more multinational companies to deepen their investment in China," He said, adding that China's economy is "resilient, full of potential and vitality."

Foreign CEOs including Tim Cook of Apple, Cristiano Amon of Qualcomm, Pascal Soriot of AstraZeneca as well as visiting U.S. Republican Senator Steve Daines are in Beijing to attend the China Development Forum that kicked off Sunday.

Beijing has been seeking to attract foreign investment as its economy grapples with sluggish domestic consumption and a prolonged real estate slump. U.S. tariffs have threatened to slow down its export, a rare bright spot in the faltering economy.

At the opening of the two-day business forum, Chinese Premier Li Qiang said countries should open their markets in the face of growing economic fragmentation and urged entrepreneurs to be "staunch defenders and promoters of globalization."

China's State Council unveiled last month an action plan aimed at attracting foreign investment, which outlined steps including removing some restrictions on foreign investment in the manufacturing sector and improving the process for foreign funds to carry out mergers and acquisitions in the mainland.

U.S. President Donald Trump has imposed 20% in new tariffs on Chinese goods over the country's alleged role in illicit fentanyl trade. His administration is also expected to conclude a review by April 1 of Beijing's compliance with a trade deal that the two sides had signed during his first term.

In a separate meeting on Sunday, Premier Li told U.S. Senator Daines and several senior executives from U.S. firms that "both China and the U.S. stand to gain from cooperation and lose from confrontation."

"No country can achieve development and prosperity through imposing tariffs," Li said.

Daines' trip to Beijing marked the first China visit by a U.S. politician since Trump took office in January.

Daines said in a post on X that American CEOs shared their commitment to doing business in China as well as their current challenges in a meeting with Li, while reiterating Trump's call for "decisive action from China to stop the flow of fentanyl precursors."

The senator also said he hoped further high-level talks between the U.S. and China would take place in the near future.

In recent weeks, Chinese commerce ministry officials have met with a dozen executives from foreign firms including Airbus, PepsiCo, Procter & Gamble and Honeywell, according to the government website.