Beijing, China – Chinese President Xi Jinping met with top American business leaders in Beijing to discuss closer trade ties with the U.S. amidst improving relations that had previously soured. Despite ongoing challenges such as heavy U.S. tariffs on Chinese imports and concerns over Communist Party influence and intellectual property theft, Xi emphasized the importance of the economic relationship between the two largest world economies.
Xi highlighted the mutually beneficial nature of Sino-U.S. relations, stating that cooperation or confrontation between the two countries impacts not only their people but also the future of mankind. The meeting included prominent figures like Stephen A. Schwarzman of Blackstone, with discussions revolving around trade, tariffs, and the decline in trade and business confidence.
As China continues its economic recovery from strict pandemic restrictions, Xi noted the country’s contribution to global economic growth in double digits. While the Biden administration has maintained punitive measures against Chinese imports, concerns over Chinese industrial policies, overcapacity, and trade surplus remain. The U.S.-China Business Council expressed a desire to enhance commercial exchange and engagement between the nations.
China’s economy faces challenges such as a property market crisis, aging population, and high youth unemployment, leading to a focus on export manufacturing. Foreign firms like Apple rely on China-based manufacturers and its vast consumer base for significant global sales. Recent months have seen a softer tone from China towards the U.S. following meetings between Xi and President Biden.
Xi’s administration maintains a firm stance on issues like territorial claims in the South China Sea, Taiwan, Hong Kong, Tibet, and Xinjiang as “core interests.” While seeking foreign investment to bolster the economy, Xi stresses the importance of mutual respect and cooperation for positive outcomes in China-U.S. relations. The success of both nations presents opportunities for collaboration and improvement in bilateral ties.