In the tranquil surroundings of the Diaoyutai State Guest House in Beijing two weeks ago, Chinese President Xi Jinping was almost effusive as he welcomed an all-star group of global capitalists.

“Many of you are renowned entrepreneurs and business leaders in the world today and you all have profound insight into the global economy,” Mr Xi told the likes of Mike Duke, Walmart CEO, Indra Nooyi, the head of PepsiCo , Muhtar Kent, Coca-Cola chairman, David Rubenstein, Carlyle Group founder, and Maurice “Hank” Greenberg, the former AIG boss. “Your suggestions are a very important source of inspiration for the Chinese government.”

These comments were intended to signal that the world’s second-largest economy remains open for business. But many international businesses have picked up a different, more worrying signal during Mr Xi’s tenure. Since he came to power a year ago, foreign companies have been targeted by corruption investigations, price-fixing accusations and state media-led smear campaigns.