Chinese leader Xi Jinping met on Wednesday with more than a dozen leaders of major American companies and scientists from the United States, as Beijing has renewed efforts to attract foreign investors and mend strained relations with the United States.

Foreign direct investment in China has sharply declined in recent months, as a combination of slowing economic growth, regulatory measures, burdensome national security legislation, and questions about the country’s long-term prospects have undermined confidence in the world’s second-largest economy.

The group of CEOs included Cristiano Amon from Qualcomm (QCOM), Raj Subramaniam from FedEx (FDX), and Stephen Schwarzman from Blackstone Group (BX).

According to the meeting protocol published by the Ministry of Foreign Affairs, Xi urged American businesses to “continue investing in China” and promised further reforms to open the country’s markets to foreign firms.

“The growth prospects of China are brilliant, and we have confidence,” he said, adding that the country’s economy has not yet reached its peak.

Xi also called for a “better future” between China and the United States. “Whether it’s traditional areas such as the economy, trade, and agriculture, or new areas such as climate change and artificial intelligence, China and the United States should contribute to each other’s development,” he said.

Xi Jinping also noted that bilateral relations had already improved after his meeting with US President Joe Biden in San Francisco in November 2023.

The agenda of Xi Jinping’s meeting with American guests was carefully discussed by Chinese state media.

Beijing is trying to restore trust and stabilize foreign trade and investment as the country faces its biggest economic challenges in decades. Since last year, it has implemented a series of measures, including a 24-point action plan published by the Cabinet earlier this month, to attract foreign investment and expand access to markets in high-tech sectors.

But global investors are wary of China’s increased scrutiny of Western companies as well as structural downturns.

During the first two months of 2024, foreign direct investment (FDI) into the country dropped by nearly 20% compared to the previous year, underscoring weak confidence among global leaders.

According to the Ministry of Commerce, this decline followed an 8% drop in 2023.

Another indicator of foreign direct investment—commitments to direct investments—showed an 82% decline in 2023, according to data published by the State Administration of Foreign Exchange. This was the lowest figure in 30 years.

According to a survey published by the American Chamber of Commerce in China last month, 57% of American firms are not confident that China will continue to keep its markets open to foreign companies.

China has set a target for economic growth this year at around 5%, the same as last year. However, market observers say the target is “ambitious,” considering the lack of serious stimulus measures from the central government that could directly address the issue of weak consumer confidence in China and their unwillingness to spend money.

The world’s second-largest economy is suffering from a multitude of problems. These include a prolonged downturn in the real estate sector, deflation, debt, population decline, and a shift in economic policy towards ideological goals, which has alarmed the private sector and deterred foreign investors.