Source : INDIA TODAY NEWS
Chinese President Xi Jinping is preparing to take a large delegation of Chinese business executives to Washington for his September 24 summit with US President Donald Trump, in a move aimed at signalling Beijing’s willingness to strengthen investment and commercial ties with the US, according to two sources familiar with the discussions.
BUSINESS DELEGATION PLANNED
Xi rarely travels overseas with corporate executives, particularly after Beijing’s regulatory crackdown on the technology, education and property sectors pushed several private-sector leaders out of favour.
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The business delegation has not previously been reported. Reuters could not determine which executives would accompany Xi.
The White House said it was not tracking a Chinese CEO delegation but did not explain what it meant by the statement.
One source said the delegation could help signal China’s willingness to support investment and trade ties with the US while potentially offering the Trump administration economic gains ahead of the November midterm elections.
CHINESE FIRMS FACE US SCRUTINY
Chinese companies have faced increasing scrutiny over their investments and operations in the US.
Washington has imposed a 100% tariff on imported Chinese electric vehicles, restricted imports of foreign drones, routers and robots, and forced the divestiture of TikTok’s US operations.
Several major Chinese technology companies have also been placed on US national security-related blacklists.
Xi last brought a sizeable business contingent to the US in 2015. That delegation included Alibaba founder Jack Ma, Tencent founder Pony Ma and executives from Chinese banks and state-owned companies.
During that visit, China signed a USD 38 billion agreement for 300 Boeing aircraft, while Xi met US technology executives including Apple CEO Tim Cook, Meta CEO Mark Zuckerberg and Amazon founder Jeff Bezos.
TRUMP HAS TAKEN US EXECUTIVES TO CHINA
Trump has travelled to China with large delegations of American business leaders, including during visits in 2017 and May this year, as Washington sought greater access to Chinese markets.
Trump took 18 US executives to China in May, including Nvidia CEO Jensen Huang and Elon Musk, according to the sources.
Scott Kennedy, a Chinese business expert at the Center for Strategic and International Studies, said Beijing appeared likely to give business leaders a more deliberate role in Xi’s delegation.
He said the participation of executives could prove valuable, contrasting it with the US delegation to China in May, which he described as being assembled at short notice.
MODEST SUMMIT EXPECTATIONS
The US and China established formal mechanisms in May to manage trade and investment ties. However, three sources familiar with the matter said the Board of Investment was unlikely to produce major deliverables at the summit because of the challenging environment for Chinese investment in the US.
Expectations for the summit remain modest, with limited prospects for major breakthroughs, the sources said.
Beijing and Washington also remain divided over which products should qualify as “non-sensitive” under the Board of Trade. Around 10 categories of goods are being discussed, although the list could change before the summit.
TRADE AND RARE EARTHS ON AGENDA
Reaching an agreement on the Board of Trade and securing additional rare earth export licences for US companies are among Washington’s key priorities for the summit.
A US official said the administration continued to press China to address concerns over its compliance with commitments announced in Busan in October, which secured a one-year trade truce and paused some export controls and tariffs.
Beijing has meanwhile pushed for further tariff relief. China’s commerce ministry said in July that the two sides were exploring reciprocal tariff reductions covering USD 30 billion worth of products.
US Trade Representative Jamieson Greer said on Thursday that the two countries would make announcements on agriculture and non-tariff barriers during the summit, without providing details.
US-CHINA TALKS IN EARLY SEPTEMBER
US Treasury Secretary Scott Bessent, Greer and Chinese Vice Premier He Lifeng are expected to meet in early September to discuss possible deliverables for the summit, four sources told Reuters.
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SOURCE :- TIMES OF INDIA
