Tim Cook, Elon Musk in attendance as Xi Jinping dines with top US business leaders

Chinese President Xi Jinping. (File photo)

Apple chief executive Tim Cook, Tesla chief Elon Musk and Blackstone’s Steve Schwarzman were among the guests at a gala dinner in San Francisco for visiting Chinese President Xi Jinping on November 16.

The event, hosted by the US-China Business Council and the National Committee on US-China Relations, followed Xi’s daylong in-person summit with US President Joe Biden. The dinner gave an opportunity to CEOs of leading American companies to engage with high-ranking ministers from China, a country with significant trade ties to the US.

During the dinner, Xi received a standing ovation from America's corporate leaders, including Cook and Schwarzman, news agency Reuters reported. This enthusiastic reception from prominent figures in the business world indicates their support for the Chinese president, which could be seen as significant if political tensions between the two countries escalate.

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More than 300 executives and officials listened attentively as Xi spoke for over half an hour, emphasising an enduring relationship between Beijing and Washington, which , according to him, could not be weakened by recent turmoil. This messaging aimed to foster a positive atmosphere and downplay tensions between the two countries, especially amid the complexities of the US-China relationship.

Xi posed a key question during the gala dinner, asking whether the US and China were adversaries or partners. He emphasised that viewing each other as competitors could lead to misinformed policies and unwanted outcomes, asserting that Beijing was ready to be a partner and friend of the US.

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Xi's conciliatory tone was well-received by many attendees, who believe that increased engagement between the US and China could lead to improved bilateral relations, several media reports said.

“Whatever stage of development it may reach, China will never pursue hegemony or expansion, and will never impose its will on others …,” Xi said.

There is, however, a growing sense of scepticism among American companies about making substantial investments in China due to concerns over increased state control and geopolitical tensions between the two countries. The evolving economic competition and political dynamics have introduced uncertainties, making some businesses hesitant about expanding their presence in China.

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Plus, the uncertainty surrounding China's economic trajectory, coupled with challenges in the property sector and weak exports, has led to caution among some US business groups.

China's foreign direct investment (FDI) deficit in the July-September quarter of 2023, amounting to $11.8 billion, marks a huge development in the country's economic landscape. This reversal, where more money left the country than entered, contrasts with Beijing's historical role as a major recipient of global investment.

(With agency inputs)