Samsung's Lee meets with Xi amid Beijing’s balancing act vs Washington

Samsung Electronics Co. Chairman Lee Jae-yong, along with other global tech leaders, met with Chinese President Xi Jinping in Beijing on Friday as China seeks to attract foreign investment amid escalating trade tensions with the US.

According to state broadcaster China Central Television (CCTV), the meeting at the Great Hall of the People brought together a select group of top executives from companies such as Samsung, SK Hynix Inc., BMW, Mercedes-Benz and US chipmaker Qualcomm.

The gathering, branded the “International Business Community Meeting,” came on the heels of the China Development Forum (CDF), which ran for two days from March 23 and drew a roster of high-profile business leaders.

Xi’s engagement with international business leaders comes as China grapples with a real estate crisis, weakening consumer and investor sentiment and declining foreign direct investment in China.

The move also highlights Beijing’s strategic balancing act – countering US tariffs and export controls with retaliatory measures while simultaneously courting Western businesses by reassuring them of market openness and investment opportunities.

Lee’s presence at the CDF underscores Samsung’s continued interest in China despite ongoing geopolitical headwinds.

LEE’S FIRST RETURN TO CDF IN TWO YEARS

Lee’s visit to China marks his first return to the CDF in two years.

This year's forum, themed “Unleashing Development Momentum for Stable Growth of Global Economy,” brought together over 80 global business leaders, including SK Hynix CEO Kwak Noh-jung, Apple CEO Tim Cook, Qualcomm CEO Cristiano Amon and Saudi Aramco CEO Amin H. Nasser.

Chinese Premier Li Qiang opened the forum with a keynote address emphasizing China’s commitment to further opening its economy.

Against this backdrop, Samsung’s efforts to deepen its relationships with Chinese partners are seen as both strategic and timely, analysts said.

The conference took place amid global trade uncertainties sparked by the US Trump administration's tougher new tariff scheme.

HIGH-PROFILE MEETINGS

Besides the high-profile meeting with Chinese leaders, Samsung’s Lee also met with several business leaders on the sidelines of the CDF.

On Saturday, the Samsung chairman, widely known in international business circles by his English name Jay Y. Lee, met with Xiaomi Inc. CEO Lei Jun at Xiaomi's electric vehicle manufacturing plant in Beijing, raising speculation about a potential partnership in the automotive chip sector.

On Monday, Lee visited the headquarters of BYD, the world’s largest EV, in Shenzhen.

Analysts said these moves signal Samsung’s intent to expand its foothold in the fast-growing automotive components market – a sector increasingly vital to Samsung’s long-term growth.

On his part, Lee is also conducting a strategic balancing act amid the intensifying Beijing-Washington rivalry as it seeks to navigate an increasingly polarizing global trade environment, industry watchers said.

Write to In-Soo Nam at isnam@hankyung.com

Jennifer Nicholson-Breen edited this article.