Camaraderie of convenience? As China economy sags, Xi makes strong pitch to America Inc

Chinese President Xi Jinping told American business leaders that China is “ready to be a partner and friend” of the US as foreign investments in his country decline. His comments came during a dinner event hosted by the US-China Business Council and the National Committee on US-China Relations for the Chinese premier on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum. “If we regard each other as the biggest rival, the most significant geopolitical challenge and an ever-pressing threat, it will inevitably lead to wrong policies, wrong actions, and wrong results,” Jinping said, The gala reception was attended by Tesla CEO Elon Musk, Apple CEO Tim Cook, CEO Raj Subramaniam and Visa chief Ryan McInerney, among others. Representing the Biden administration were Commerce Secretary Gina Raimondo, US Ambassador to China Nicholas Burns and a top White House China advisor Kurt Campbell. “All of you here this evening remain keenly interested to do business in China, and to find ways to advance our bilateral economic relationship,” Raimondo said. Lately, American companies have become extremely wary of China’s economic slowdown and hence this meeting was an opportunity for Xi to appeal directly to executives. “China has never bet on the United States to lose, has never intervened in US internal affairs and does not intend to challenge or replace the US. China is happy to see a confident, open and prosperous US,” Xi said. Xi’s comments came following his meeting with US President Joe Biden, where both leaders pledged to reduce tensions as they met for the first time in a year. The two sides announced a host of agreements after talks at the luxury Filoli Estate, starting with the reactivation of a high-level military hotline. “We should build more bridges and pave more roads for people-to-people interactions,” Xi told an audience of around 400 business leaders, government officials and academics. “We must not create various obstacles or create a chilling effect,” he added. With inputs from agencies