![]() ![]() Jamie Dimon, chief executive of JPMorgan, was wooed by senior officials in Shanghai in late May, and Tesla’s Elon Musk was invited to meet government ministers in Beijing the same week. When President Xi Jinping met US Secretary of State Antony Blinken in Beijing last week, the two sides said there was “progress” towards stabilising ties - though it was quickly undone just a day later when US President Joe Biden called Xi a “dictator” at a private fundraising event.Ĭhina has also been making overtures to US business leaders as its economic recovery stalls. ![]() There are signs that the US and China are trying to improve relations. But this has slowed in recent months, with the government reporting on Friday that manufacturing activity fell for the third straight month while services were at their weakest in six months.īeijing blames part of the geopolitical tensions on Washington after it imposed controls on high-technology exports to China and shot down a suspected Chinese spy balloon early this year. Li’s charm offensive at the meeting - nicknamed the “Summer Davos” in reference to the far larger WEF event held in Switzerland in January - was intended to make attendees from overseas abandon all thoughts of “decoupling” and “de-risking”.īut here and elsewhere, it is hard to escape the geopolitical tensions between his country and the US-led West, which many in China fear are peaking at a critical juncture for its economy.Īfter the country’s zero-Covid restrictions ended last year, the economy had a robust recovery in the first quarter. “I hope you can become our townspeople,” he told a business round table. Li, seen as the most business-friendly member of President Xi Jinping’s inner circle, wrapped up a talk at the World Economic Forum’s New Champions meeting with a play on words in Chinese - mixing the word ‘laowai’, which means foreigner, with the term ‘laoxiang’, which means ‘townspeople’. At a forum in Tianjin last month, Chinese Premier Li Qiang took the opportunity to make the foreign executives in attendance feel welcome. ![]()
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