Chinese President Xi Jinping convened a meeting with American business leaders and academics at Beijing's Great Hall of the People, signaling efforts to attract foreign investment back to China amidst economic headwinds.

State media reported that Wednesday's meeting, attended by prominent figures such as Evan Greenberg, CEO of Chubb, Stephen Orlins, President of the National Committee on US-China Relations, and Craig Allen, President of the US-China Business Council, aimed to strengthen ties between China and US companies.

The gathering, reminiscent of Xi's previous meeting with US executives in San Francisco, follows the China Development Forum, which attracted world-renowned business leaders and policymakers.

Amidst geopolitical tensions and regulatory challenges, foreign direct investment in China saw an 8 percent decline last year. Concerns over tightened espionage laws and supply chain vulnerabilities during the COVID-19 pandemic have prompted some companies to reassess their presence in China.

However, some businesses, like Apple, expressed optimism about increasing their investments in China, emphasizing the country's evolving market dynamics.

While acknowledging China's economic growth, IMF Managing Director Kristalina Georgieva highlighted the need for pro-market reforms to address challenges such as deflation and a real estate crisis.

China, aiming for 5 percent GDP growth this year, remains committed to strategic sectors and infrastructure projects, despite calls for a shift towards consumption-led growth.

This year's China Development Forum, in contrast to the previous year's challenges, saw increased attendance, reflecting a more stable geopolitical climate and a gradual return to normalcy in international travel.

As China navigates economic complexities, President Xi's engagement with American business leaders underscores China's desire to reassure foreign investors and foster mutually beneficial partnerships.