San Francisco, California – Chinese President Xi Jinping addressed U.S. executives in a meeting where he discussed the potential for improving bilateral relations. The event, hosted by the National Committee on US-China Relations and the US-China Business Council, took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Leaders’ Week on November 15, 2023.
During the meeting, Xi emphasized the importance of cooperation between China and the United States across various sectors, including trade, agriculture, climate change, and artificial intelligence. He acknowledged that while the relationship has faced challenges in recent years, both countries can work towards a brighter future.
Among the attendees were prominent figures such as Blackstone Chairman and CEO Stephen Schwarzman, Qualcomm President and CEO Cristiano Amon, and National Committee on U.S.-China Relations Board of Directors Chair Evan G. Greenberg. The U.S.-China Business Council expressed gratitude for the opportunity to engage with President Xi and address concerns regarding trade, investment, and business confidence.
Xi highlighted China’s commitment to a sustainable and sound economy, dismissing predictions of an imminent peak. The meeting also included discussions on the role of consumption in China’s economy and efforts to boost industrial development while supporting consumption.
In response to the meeting, the U.S.-China Business Council encouraged China to address longstanding issues related to cross-border data flows, intellectual property rights protection, government procurement, and regulatory transparency. The release of new rules easing data export requirements by the Cyberspace Administration of China was seen as a positive step towards enhancing business environments.
President Xi’s engagement with U.S. business leaders underscores the importance of stabilizing and improving China-U.S. relations. As both countries navigate a new and evolving business landscape, it is crucial for them to follow economic and market rules, expand mutually beneficial cooperation, and respect each other’s development rights.
Separately, U.S. Treasury Secretary Janet Yellen’s upcoming trip to China will include discussions on the global impact of Chinese manufacturing overcapacity. These developments come at a time when both countries are exploring ways to strengthen economic ties and address challenges in the ever-changing global market.