Chinese President Xi Jinping engaged in dialogue with U.S. executives, expressing optimism about the potential for improved bilateral relations between China and the United States. The meeting aimed to address concerns over declining trade, investment, and business confidence, while fostering a more conducive business environment.
Xi’s Remarks:
Xi acknowledged recent challenges in the China-U.S. relationship but emphasized the possibility of a brighter future. He stressed the importance of mutual cooperation in traditional areas such as trade and agriculture, as well as in emerging sectors like climate change and artificial intelligence.
Attendees and Discussions:
Prominent figures attending the meeting included Stephen Schwarzman, Chairman and CEO of Blackstone, Cristiano Amon, President and CEO of Qualcomm, and Evan G. Greenberg, Chair of the National Committee on U.S.-China Relations Board of Directors, among others. Discussions revolved around enhancing engagement and commercial exchange between the two countries.
Concerns and Recommendations:
The U.S.-China Business Council raised concerns about the decline in trade and investment, advocating for increased consumption in China’s economy. Recommendations included addressing issues related to cross-border data flows, intellectual property rights protection, and regulatory transparency.
China’s Economic Outlook:
Xi portrayed China’s economy as stable and sustainable, dismissing predictions of an imminent peak. Chinese officials reiterated commitments to comprehensive reform and further opening up, aiming to create a favorable business environment for both domestic and foreign companies.
Biden Administration’s Policies:
The meeting took place against the backdrop of the Biden administration’s policies aimed at boosting industrial development in the United States and controlling advanced technology exports to China. Treasury Secretary Janet Yellen indicated plans to address concerns about Chinese manufacturing overcapacity during her upcoming trip to China.
While challenges remain, the dialogue between Xi Jinping and U.S. business leaders reflects ongoing efforts to stabilize and improve bilateral relations. Both sides expressed commitment to following economic and market rules, expanding mutually beneficial cooperation, and respecting each other’s development right
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CREDIT: Doris Chinwe Omemgbeoji