Chinese President Xi Jinping to Attend Dinner with American Business Leaders
American business leaders are expected to host Chinese President Xi Jinping at a dinner in San Francisco Wednesday after his meeting with President Biden at an international economic conference.
The dinner, hosted by the U.S. China Business Council and the National Committee on U.S. China Relations, will take place during the Asia Pacific Economic Cooperation Summit — an annual meeting of 21 Pacific nations that account for about half of all global trade. It comes at a consequential time for the U.S. and China, which represent the first and second largest economies in the world, respectively, and are strongly linked by trade.
Hundreds of executives from varying sectors including banking and technology are expected to attend, and Xi is also expected to speak at the dinner.
The forum offers an opportunity for U.S. business leaders to directly engage with Xi, who has courted foreign investment to help boost China's slowing economy. Just this year, a parade of U.S. business leaders including Bill Gates, who met with Xi, have visited China. Elon Musk and JP Morgan Chase CEO Jamie Dimon have also traveled to China.
The Chinese Embassy in Washington did not comment on the dinner.
However, American firms, who have been investing in China for years and contributing to its growth, are now becoming more hesitant due to expanded state control. Many are concerned about the geopolitical tensions and economic competition between the U.S. and China, which they believe may make investments in China too risky.
In recent months, Chinese authorities have targeted American consulting firms conducting market research for Western companies interested in investing in China. In August, President Biden issued an executive order limiting U.S. investment in certain Chinese sectors, such as semiconductor, quantum computing, and artificial intelligence, citing potential military applications.
In response to the investment restrictions, China imposed export restrictions on gallium and germanium, two minerals essential to semiconductor production. These minerals now require a special export license, leading to a significant decrease in China's exports of these minerals.
During the past week, Jose Fernandez, a high-ranking official at the State Department, held a meeting with representatives from the semiconductor industry in Silicon Valley. The purpose of the meeting was to address concerns raised by some companies regarding the lack of supply in the market. Fernandez assured the industry that the US government is actively working to find alternate sources of supply to alleviate the shortage.
