China courts global elite at Davos with largest presence in years

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Davos, SWITZERLAND — China returned to Davos in full force this week as it attempts to thaw relations with the international community and court investment following years of Covid-19 lockdowns and rising geopolitical tensions.

A delegation led by Chinese Premier Li Qiang is estimated to be the largest since 2017, when President Xi Jinping led an 80-strong cohort of Chinese business leaders and billionaires up the Swiss mountain.

Addressing the forum Tuesday, Li, China's second in command, said the country was open for business, seemingly downplaying a recent crackdown on private industry which has spooked investors and prompted hefty outflows of foreign cash.

"Choosing investment in the Chinese market is not a risk, but an opportunity," he said.

Li went on to meet for lunch with a host of top business leaders, including the CEOs of JPMorgan, Bank of America, Standard Chartered and Blackstone. Also present was the governor of the People's Bank of China.

He was joined by several other high ranking ministerial representatives including the Deputy Foreign Minister Ma Zhaoxu and Commerce Minister Wang Wentao.

Outside the main congress center, one group of Chinese delegates CNBC spoke to said they were attending for a broad brush of issues including "finance and trade and commerce."

"It's a great time to tell the China story," another Chinese tech executive said.

The amped up Chinese presence has reportedly ruffled feathers in Washington amid U.S. concerns about Beijing's growing global influence.

A U.S. State Department document dated Jan. 12 said that "10 state ministers" would be included in Beijing's Davos delegation, prompting the White House to step up its