Samsung chief joins global tech leaders at Beijing forum after 2-year hiatus

Samsung Electronics Chairman Lee Jae-yong made his first official trip to China in two years this week to attend a state-led high-profile forum in Beijing, joining about 80 global tech leaders amid the escalating US-China rivalry, according to industry sources on Monday.

Following his internal call for employees to adopt a "do-or-die" sentiment to overcome challenges, Lee's first overseas trip this year is seen as part of his effort to strengthen Samsung's position in the key market as well as reinforce the company's global network and supply chain amid growing pressure from US trade policies.

The two-day China Development Forum, organized by China's State Council, started Sunday in Beijing, and is attended by leaders of global industry giants, including Apple, Qualcomm, Broadcom, BMW, Aramco and Pfizer, along with Samsung Electronics and SK hynix. Lee last participated in the CDF in 2023.

At the forum designed to attract foreign investment, Chinese Premier Li Qiang assured business leaders that "China will continue to improve the business environment and welcome more investment by multinational companies in China, sharing opportunities for development."

Describing China's economy as "highly resilient" and "full of vitality," he called for companies to "stand against protectionism" — an apparent remark acknowledging the US' hostile trade policies against China.

Many global tech giants, including Samsung, are facing increasing pressure to shift their business strategies in response to US tariff and trade policies aimed at curbing China's growth in industry and technology. Still, top tech leaders flocked to the Chinese forum to maintain ties with the country that is one of the largest markets.

For Samsung, China is home to not only its major consumer market, but also critical manufacturing facilities for the company's memory chips and home appliances.

According to Samsung's recent business report, Samsung's sales in China posted at 64.9 trillion won ($44.3 billion) in 2024, jumping over 50 percent on-year. Amid anticipation of US curbs on chip exports to China, Chinese companies were seen ramping up purchases of advanced chips from Samsung, last year.

During the trip, Lee is also stepping up efforts to expand his network with global business leaders.

"Lee has traveled to China and attended the CDF to seize the networking opportunities with global business leaders and government officials," an industry official said.

On Saturday, Lee met with Xiaomi Chairman Lei Jun and Qualcomm CEO Cristiano Amon, visiting the Chinese electronics firm’s electric vehicle factory in Beijing.

While the details of their meeting have not been revealed, the trilateral meeting is fueling speculations of a potential collaboration, given each company is seeking to expand its automotive-related businesses.

Xiaomi, originally Samsung's rival in the global smartphone and home appliances markets, is now seen as a potential client after launching its first EV, the SU7, last year. The company sold 140,000 units of the EV last year and has raised its shipment target for this year from 300,000 to 350,000.

Samsung Electronics and its affiliates specializing in items such as displays, electronic components and batteries, have been working to expand their presence in the global automotive market. For instance, Samsung is producing Kunlun, an AI chip designed by Chinese tech giant Baidu, and the Exynos Auto series for global automakers.

Samsung is also working closely with Qualcomm, the US-based mobile chipmaker in areas including smartphones and in-vehicle solutions.

With some CEOs reportedly scheduled to meet Chinese President Xi Jinping on Friday, eyes are on whether Lee will also be among the participants. When he attended the CDF in 2023, Lee met with Chen Miner, the party secretary of Tianjin, a close confidant of Xi.

Samsung, the world’s largest memory chip-maker, has been operating a NAND flash memory chip production facility in Xian, China, since 2006. This facility accounts for about 40 percent of its total NAND flash output. In Suzhou, the company has a chip packaging plant. Combined, the company has reportedly invested about 30 trillion won in the Chinese fabs.