China Extends Hand of Friendship to the US Amid Economic Concerns, Says Prez Xi

In a bid to ease mounting concerns over its slowing economy, China’s President Xi Jinping expressed readiness to be a “partner and friend” of the United States during talks with US business leaders in San Francisco on Wednesday. 

President Xi emphasized the importance of avoiding viewing each other as primary competitors, urging against misguided policymaking and undesired outcomes.

These remarks followed President Xi’s highly anticipated discussions with US President Joe Biden, where both leaders pledged to reduce tensions, marking their first meeting in a year. 

The talks at the Asia-Pacific Economic Cooperation (APEC) summit resulted in various agreements, including the reactivation of a high-level military hotline.

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Addressing an audience of approximately 400 business leaders, government officials, and academics, President Xi highlighted the need to build more bridges for people-to-people interactions and advocated against creating obstacles. 

Notable figures on the guest list included Apple CEO Tim Cook, BlackRock’s Laurence Fink, and Pfizer CEO Albert Bourla.

The event, organized by the US-China Business Council and the National Committee on US-China Relations, garnered attention amid concerns about China’s increased business oversight and bilateral tensions. 

Foreign business confidence in China reached a multi-year low in September, prompting some US firms to consider shifting their investments away.

Lindsay Gorman, a senior fellow at the German Marshall Fund of the United States, noted President Xi’s effort to signal that China remains open for business despite geopolitical tensions, though she highlighted increased skepticism among US firms. 

Thibault Denamiel, associate fellow at the Center for Strategic and International Studies (CSIS), observed China’s dual message, showcasing resilience amid geopolitical challenges while encouraging foreign businesses to continue investing.

President Xi also announced China’s intention to invite 50,000 young Americans for exchange and study programs over the next five years. 

He expressed a willingness to deepen cooperation on panda conservation but did not make new commitments for animal loans.

However, amidst the diplomatic efforts, Mike Gallagher, a Wisconsin Republican, criticized the attendance of senior US business leaders at the meeting, stating that it is “unconscionable” for companies to host a welcome dinner paid for by the Communist Party. 

Gallagher emphasized the increased risks of doing business in China and urged firms to reduce their exposure to potential arbitrary detentions and other security threats.