China's Xi Jinping Assures US CEOs Of 'Brighter Future … Cannot Go Back To The Old Days'

In a recent meeting with U.S. business leaders, Chinese President Xi Jinping expressed optimism about the future of Sino-American relations.

What Happened: In a meeting with U.S. business leaders on Wednesday, Xi Jinping conveyed his belief that the relationship between China and the United States could improve, reported CNBC. He also pledged to enhance the business environment in Beijing.

An official English-language readout of Xi’s remarks stated, “Over the past couple of years, the China-U.S. relationship experienced some setbacks and serious challenges, from which lessons should be learned. The relationship cannot go back to the old days, but it can embrace a brighter future.”

Xi also emphasized the need for China and the U.S. to support each other’s development in various sectors, including trade, agriculture, climate change, and artificial intelligence.

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Notable attendees at 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.

In a press release, the U.S.-China Business Council expressed its honor at being invited to the dialogue and discussed concerns over the decline in trade, investment, and business confidence. The council also highlighted the need for China to increase the role of consumption in its economy.

Why It Matters: This meeting comes at a time of fluctuating U.S.-China relations. Xi’s efforts to mend the relationship were evident in a previous meeting with American business leaders in Beijing.

Despite these efforts, Goldman Sachs’ Sharmin Mossavar-Rahmani has warned against investing in China due to unclear policy and economic data. However, China has set an ambitious 2024 growth target of 5% and pledged to transform its economy.

These developments indicate a complex economic and political landscape, making Xi’s efforts to improve bilateral relations with the U.S. particularly significant.

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