At Davos, China has the largest presence in years while courting the global elite.

• This week, China intensified its efforts to improve its relations with the international community and attract investment, after years of Covid-19 restrictions.
• Since 2017, China's Davos delegation in 2024 is predicted to be the largest, with President Xi Jinping leading an 80-strong group up the Swiss mountain.
• In a keynote address on Tuesday, China's Premier Li Qiang stated that investing in the Chinese market presents an opportunity rather than a risk.

This week, China intensified its efforts to improve its relations with the international community and attract investment, by sending a large delegation to Davos, Switzerland, despite years of Covid-19 restrictions and increasing geopolitical tensions.

Since 2017, the largest Chinese delegation led by Premier Li Qiang is estimated to have been the largest, with 80 members accompanying President Xi Jinping up the Swiss mountain.

Li, China's second-in-command, stated on the forum that the country was open for business, despite a recent crackdown on private industry that has caused concern among investors and led to significant outflows of foreign capital.

He stated that investing in the Chinese market presents an opportunity rather than a risk.

Li met with a group of top business leaders, including CEOs from JPMorgan, Bank of America, Standard Chartered, and Blackstone, as well as the governor of the People's Bank of China, for lunch.

Several high-ranking ministerial representatives, including Deputy Foreign Minister Ma Zhaoxu and Commerce Minister Wang Wentao, joined him.

A group of Chinese delegates stated that they were attending the main congress center to discuss a range of issues, including finance, trade, and commerce.

Another Chinese tech executive stated, "It's an excellent opportunity to share the China story."

Raising concerns in Washington

Beijing's growing global influence has reportedly caused tension in Washington due to the increased Chinese presence.

According to Politico, the White House intensified its efforts to win over China after a U.S. State Department document from Jan. 12 revealed that 10 state ministers would be part of Beijing's Davos delegation.

The Chinese delegation's visit to Switzerland was referred to as a "pseudo state visit," and they were also scheduled to meet with Swiss officials in Bern later in the week. In response, Secretary of State Anthony Blinken's schedule was updated to include a meeting with Swiss officials while attending Davos.

The State Department declined to provide a comment on Blinken's revised agenda when requested by CNBC.

The deteriorating relationship between the U.S. and China has led to Washington adopting a "de-risking" strategy, which involves limiting the trade of certain critical technologies.

In his keynote address, Li argued against using tech innovations to limit other countries, stating that such restrictions should not be employed.

"To foster healthy competition and maximize vitality, the key is to promote cooperation," he stated.

The conflict between the world's two largest economies, the U.S. and China, presents a dilemma for countries such as Switzerland and Europe, who must choose their alliances carefully. While Europe is a close ally of the U.S., it is also aware of the importance of the Chinese market for its domestic companies.

The prolonged and stringent Covid lockdowns, as well as the broader clampdown on key industries, including Big Tech, have eroded confidence in China.

In 2017, Xi's entourage included Jack Ma and Wang Jianlin, both of whom have since fallen out of favor with Chinese authorities due to a clampdown on private business and a collapse in the country's property market.

Since August 2023, international investors have withdrawn around $25 billion from the Chinese stock market, while Chinese firms have been investing more abroad than foreign firms in the third quarter of 2023.

According to Ian Bremmer, president and founder of the Eurasia Group, China's increased presence at Davos suggests that Xi recognizes the difficulties Beijing now faces in restoring its global reputation.

Bremmer stated to Semafor that the country's underperformance in the economy is significant and requires attention.

"Better managed relations with China are implied in the near term, as Xi recognizes it," he added.

The World Economic Forum did not confirm the number of Chinese delegates present at the event when asked by CNBC.