Premier Li Qiang calls for MNCs to resist de-globalization as China Development Forum opens

On Sunday, Premier Li Qiang delivered his opening remarks at the China Development Forum (CDF).

Some context: Held annually since 2000, the CDF is China's top forum connecting foreign executives directly with senior Chinese officials to discuss trade and investment.

• This year, top executives from 86 multinational companies attended the forum – a slight decline from 2024.
• US companies topped the list, sending 27 execs.

Li wants attendees to know his government has the economy's back (Xinhua):

• “[We will] introduce new incremental policies when necessary to provide strong support for the economy’s sustained improvement and stable operation.”

He called for more foreign investment in China (Youtube):

• “We welcome more foreign companies to invest in and deepen their presence in China.”

He also urged participants to defend globalization:

• “Enterprises are not only beneficiaries of globalization but should also be strong advocates and drivers of it.”
• “I hope entrepreneurs will use their unique role in supporting economic globalization and take a more proactive approach.”

Get smart: Li wants MNCs to crank up pressure on their home governments to ease protectionist measures.

• But in a world of rising political and public support for protectionism, corporate interests no longer trump domestic economic security concerns – evidenced by EU tariffs on EVs and US chip export restrictions.

The upshot: Li’s speech will have little impact.