Xi Jinping issues positive message at meeting with US business leaders as bilateral relations improve

30 Mar, 2024

Xi Jinping issues positive message at meeting with US business leaders as bilateral relations improve

China’s nationalist leader, Xi Jinping, emphasized the importance of closer trade ties with the U.S. during a meeting top American business leaders Beijing. This meeting comes amid a notable improvement in relations, which had previously hit a nadir in recent years. Despite significant U.S. tariffs on Chinese imports and accusations of Communist Party influence, unfair trade practices, and intellectual property theft, Xi underscored the mutual benefits of economic cooperation between the world's two largest economies.

Despite China's struggles to recover from self-imposed COVID-19 restrictions, Xi highlighted its contribution to global economic growth. He stressed that the Sino-U.S. relationship is pivotal, impacting both nations' well-being and the future of humanity. However, trade and tariffs have become increasingly contentious, with the Biden administration maintaining a firm stance on punitive measures against Chinese imports.

U.S. officials express concerns over Chinese industrial policies, overcapacity, and its substantial trade surplus. The U.S.-China Business Council, following the meeting, emphasized the need for China to address economic imbalances and improve regulatory transparency.

China faces challenges such as a property market crisis, an aging population, and high youth unemployment, prompting a focus on export manufacturing. Despite this, foreign firms heavily rely on China's manufacturing capabilities and vast consumer market.

While China's tone towards the U.S. has softened, particularly since Xi and Biden's meeting, it remains firm on core interests such as territorial claims and internal governance. Xi aims to uphold party control while attracting foreign investment to bolster the economy.

In conclusion, Xi Jinping stresses the potential for cooperation and mutual benefit between China and the United States, urging respect and peaceful coexistence for improved relations.