China woos foreign investors in meetings with Apple CEO and global executives

SHANGHAI — Chinese Commerce Minister Wang Wentao has met top executives of global companies including Apple, Inc. and SK Hynix, Inc. ahead of a major business conference as Beijing woos foreign investors amid geopolitical and trade tensions.

In the meetings with Apple chief executive officer (CEO) Tim Cook, Hynix CEO Kwak Noh-Jung and other global chiefs on Friday and Saturday, Mr. Wang said China was committed to opening up its economy and offered growth opportunities for multinationals, according to ministry statements.

The meetings took place ahead of the China Development Forum, which will be held in Beijing on Sunday and Monday. It is a high-level annual event where foreign business leaders can interact with senior Chinese government officials.

China, grappling with a slowing economy, is stepping up efforts to attract foreign companies amid heightened Sino-US tensions and Western “de-risking” efforts to diversify supply chains away from China.

Foreign investment flows into China shrank nearly 20% in the January-February period from a year earlier, commerce ministry data showed on Friday.

Mr. Cook opened Apple’s newest store in Shanghai on Thursday, as the phone maker battles falling iPhone sales in China and rising competition from domestic rivals such as Huawei. The smartphone maker is now facing a major antitrust action in the United States.

In a separate meeting, Mr. Wang and CEO Mr. Kwak of semiconductor maker Hynix discussed supply chain cooperation between China and South Korea, the ministry said. —