President Xi Jinping assured American executives in San Francisco on Wednesday that China is prepared to be a friend and partner of the United States and that there is much space for bilateral cooperation. Beijing attempts to reassure international business and counter its nation’s difficulties in luring foreign investment.
After a day of negotiations between Xi and US President Joe Biden to restore calm between the two most significant economies in the world, American businesspeople had dinner with Xi outside the Asia-Pacific Economic Cooperation (APEC) summit.
As soon as Xi walked into the room, there was a standing ovation and cheers, and when he ascended the stage to speak, there was much more enthusiasm.
Xi told an audience that included Beijing-selected speakers that the world needed China and the United States to cooperate and that it was incorrect to see China as a threat and play a zero-sum game against it.
“China will never seek hegemony or expansion, and it will never impose its will on others, regardless of the state of development it may achieve. China has no desire to acquire hegemony over others and has no intention of engaging in either a cold or hot war.”
He also sent his sympathies to the American people about the fentanyl situation. Earlier, Xi and Biden’s conversations resulted in an agreement between the United States and China to reduce fentanyl manufacturing.
Companies looking for strategies to deal with China’s economic downturn, the United States’ effort to “de-risk” some American supply chains away from China, and the uncertainty arising from China’s escalating security regulations had the opportunity to hear directly from China’s leader at the high-security dinner.
About 400 people attended the event, including academics and representatives from industry and government. At the dining tables were executives from American business behemoths, including Ray Dalio of Bridgewater Associates, Tim Cook of Apple (AAPL.O), Laurence Fink of BlackRock (BLK.N), Hock Tan of Broadcom (AVGO.O), and Albert Bourla of Pfizer (PFE.N).
A seasonal vegetable salad, a coffee-crusted black Angus flat iron steak, or a vegetable curry with rice and squash, a fruit tart, and wine were among the courses that were offered. Along with other American officials, Gina Raimondo, the secretary of commerce, was present at the ceremony.