US enterprise elite welcomes Xi Jinping with standing ovation

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After a day spent in long-awaited talks with US president Joe Biden, Xi informed an viewers of about 300 individuals: “China is each a brilliant massive financial system and a brilliant massive market . . . modernisation for 1.4bn Chinese language is a big alternative that China gives to the world.”

“The world wants China and the US to work collectively for a greater future,” he added. “China is able to be a companion and buddy of the US.”


The nice and cozy emotions appeared mutual. “If you happen to undergo the record of the highest 20 US corporations in China, they had been all there,” mentioned one San Francisco tech titan who attended the occasion however didn’t need his title to be revealed. On his means into the Hyatt, Bridgewater founder Ray Dalio informed the Monetary Occasions he was “excited to have this relationship [with Xi]”.

A Chinese language-American govt at a tech firm that straddles each nations informed the FT that his attendance was a “state secret”.

US President Joe Biden, proper, and Chinese language President Xi Jinping met on the Filoli property outdoors San Francisco, California, on Wednesday © Doug Mills/The New York Occasions/AP

Darren Woods, chief of ExxonMobil, which is within the means of constructing a multibillion-dollar petrochemical plant in southern China, informed reporters on Wednesday morning that he wouldn’t attend the dinner.

“Chinese language and the US authorities relationships are going to type of ebb and stream with time,” Woods mentioned. “Each nations are too essential to the worldwide world order to not discover some stability, though that stability will shift.”

Shi Yinhong, an professional on US-China relations at Renmin College of China, mentioned each governments’ preoccupation with nationwide safety would set a ceiling on relations. “If financial pursuits battle with nationwide safety, nationwide safety will undoubtedly take priority,” mentioned Shi.

Given the unsure trajectory for China’s financial system, which has been hit by a sluggish property sector and weak exports, Hart added that some US teams remained pessimistic. China has struggled to kickstart sturdy development since lifting pandemic controls this yr. However he mentioned for a lot of corporations, “China remains to be an essential market and worthwhile”.

Further by Nian Liu in Beijing

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