HSBC CEO Joins Global Leaders in Pivotal Trade Talks with Xi Jinping

In a striking display of economic diplomacy, Chinese President Xi Jinping convened a high-profile meeting with over 40 global CEOs at Beijing's Great Hall of the People on March 28, 2025.

The gathering, which included prominent business leaders such as Georges Elhedery, CEO of HSBC Holdings Plc, was a strategic move to reassure foreign investors and emphasize China's commitment to global economic cooperation amidst escalating trade tensions.

A Defiant Response to Trade War Pressures

The meeting comes at a pivotal moment, as the United States has ramped up tariffs on Chinese goods under President Donald Trump's administration. The trade war's resurgence has heightened uncertainties for multinational corporations, placing pressure on companies that rely on stable international supply chains.

By welcoming global CEOs, Xi Jinping sent a clear message: China remains open for business and resolute in maintaining economic partnerships. "Decoupling and severing ties harms others without benefiting oneself; it leads nowhere," Xi asserted during the meeting. The Chinese president criticized the weaponization of trade and called for cooperation to uphold global trade stability.

HSBC's Strategic Stance

HSBC, one of the most globally connected financial institutions, has found itself in a delicate position amid the evolving trade landscape. CEO Georges Elhedery, representing HSBC at the meeting, underscored the bank's commitment to its Asia-focused strategy.

Although Elhedery's specific remarks were not publicly disclosed, reports indicate that he expressed confidence in China's economic growth prospects and its role as a driving force in the global economy.

HSBC's reliance on China and broader Asian markets has grown as the bank strategically pivots away from its traditional Western strongholds. Elhedery has previously announced HSBC's plans to expand investment-banking operations in Asia and the Middle East, regions increasingly significant to the bank's profitability.

Business Leaders Rally Around China

Leaders from companies like FedEx, Mercedes-Benz, and AstraZeneca lauded China's efforts to foster a fair business environment. They acknowledged the resilience of the Chinese economy, which achieved a robust 5% growth in 2024, contributing significantly to global economic stability.

Saudi Aramco's CEO Amin Nasser notably praised China's contributions to global growth and technological advancement. His comments echoed a broader consensus that, despite global tensions, China remains a critical market and manufacturing hub.

Notable CEOs in Attendance

The meeting brought together leaders from a diverse range of industries, reflecting the global business community's vested interest in China. Key attendees included:

• Rajesh Subramaniam, CEO of FedEx

• Ola Källenius, CEO of Mercedes-Benz

• Georges Elhedery, CEO of HSBC

• Pascal Soriot, CEO of AstraZeneca

• Amin Nasser, President and CEO of Saudi Aramco

• Akio Toyoda, Chairman of Toyota Motors

• Stephen A. Schwarzman, CEO of Blackstone Group

• Cristiano Amon, President and CEO of Qualcomm

• Albert Bourla, CEO of Pfizer

• Emma Walmsley, CEO of GSK

• Ray Dalio, Founder of Bridgewater Associates

• Bill Winters, CEO of Standard Chartered

• Paul Hudson, CEO of Sanofi

• Miguel Angel Lopez Borrego, CEO of Thyssenkrupp

• Belen Garijo, CEO of Merck

• Oliver Zipse, CEO of BMW

• Toshiaki Higashihara, Chairman of Hitachi

• Kwak Noh-Jung, CEO of SK Hynix

• Klaus Rosenfeld, CEO of Schaeffler Group

• Hubertus von Baumbach, CEO of Boehringer Ingelheim

• David A. Ricks, CEO of Eli Lilly

• Jon Abrahamsson Ring, CEO of IKEA

• Vincent Clerc, CEO of Maersk

• Roland Busch, CEO of Siemens

• Jay Y. Lee, Executive Chairman of Samsung Electronics

The Path Forward

China's engagement with global businesses during a period of heightened trade conflict underscores its determination to position itself as a stabilizing force in the global economy. For companies like HSBC, this translates into navigating the complexities of the U.S.-China trade dispute while deepening partnerships in China.

While challenges persist, including further tariff escalations and geopolitical rivalries, the willingness of both China and multinational businesses to engage in open dialogue signals a shared interest in mitigating economic disruptions.

For HSBC, its continued focus on Asia may prove to be both a strategic advantage and a necessary adaptation to the shifting tides of global trade.

As the trade war narrative unfolds, the outcomes of these high-level engagements will shape the future of international commerce. For now, Xi Jinping's meeting with global CEOs stands as a testament to China's unwavering commitment to fostering global economic cooperation despite the mounting pressures of protectionism.