Xi Jinping To Host Leading American Executives Amid Fluctuating US-China Relations

Amid fluctuating U.S-China. relations, China’s President Xi Jinping is preparing to convene with top U.S. business executives in the Chinese capital.

What Happened: Xi is set to meet with top U.S. business executives next week, coinciding with an annual forum in Beijing, Bloomberg reported on Thursday.

The meeting’s attendee list is still under preparation and could face last-minute changes. Executives like Stephen Orlins, head of the National Committee on U.S.-China Relations, Craig Allen, president of the U.S.-China Business Council, and Evan Greenberg, chief executive officer of Chubb Ltd. are expected to participate in the Wednesday session. This development comes as the China Development Forum, beginning Sunday, has shown an unusual lack of publicity and confirmed speakers.

Notably, China’s new premier Li Qiang is not expected to meet with foreign business leaders at the forum, deviating from tradition. This follows his absence from the premier’s annual press briefing earlier this month, a departure from a 30-year custom.

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High-profile U.S. executives, including Apple Inc. CEO Tim Cook and Stephen Schwarzman of Blackstone Inc., are anticipated to attend the forum. Cook has already made a presence in China, inaugurating a new Apple store in Shanghai to boost iPhone sales in the critical market.

The U.S. will have the largest representation at the forum, with 34 out of over 85 senior executives.

Why It Matters: This meeting is part of China’s broader strategy to reassure foreign investors of its openness, following a decline in foreign investment to a three-year low in 2023.

The upcoming gathering of U.S. business leaders with President Xi is a significant step in the context of recent tensions between the two economic powerhouses. In February, China’s Foreign Minister Wang Yi urged the U.S. to lift sanctions on Chinese companies and individuals, warning that decoupling would backfire on the U.S.

In early March, he also criticized the U.S. for monopolizing technology, particularly in the semiconductor industry, which he claimed was to China’s detriment.

U.S. tech giants like Apple Inc. and Tesla Inc. have been struggling in China due to the government’s nationalist policies and the rise of domestic competitors. Apple’s iPhone sales in China saw a significant drop early this year, and Tesla’s Shanghai gigafactory experienced a decrease in shipments.

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