Xi to Bring Large CEO Delegation to Washington Summit — SkimNews
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- Xi Jinping is preparing a large business delegation to accompany him on a Washington visit for the September 24 summit, two sources told Reuters — the first such plan not previously reported.
- Xi rarely travels abroad with corporate executives, many of whom fell out of favor after Beijing's regulatory crackdowns on the technology, education and property sectors that began in 2020.
- The planned delegation aims to signal China's willingness to support investment and commercial ties with the U.S., offering the White House potential economic wins ahead of midterm elections, one source said.
- Xi last brought a sizeable business contingent to the U.S. in 2015, including Alibaba's Jack Ma, Tencent's Pony Ma and state-owned bank executives; during that visit China signed a $38 billion agreement for 300 Boeing aircraft.
- The Board of Investment mechanism is unlikely to produce significant deliverables at the summit because of the challenging U.S. environment for Chinese investment, three sources briefed on the matter said.
- U.S. priorities include reaching a Board of Trade agreement and securing more rare earth export licenses for U.S. companies; USTR Jamieson Greer said both countries will make announcements on agriculture and non-tariff barriers.
- U.S. Treasury Secretary Scott Bessent, Greer and Chinese Vice Premier He Lifeng will meet in early September to discuss summit deliverables, four sources told Reuters.
Why it matters: Xi's last such U.S. trip in 2015 included Alibaba's Jack Ma and produced a $38 billion Boeing order; this time, Reuters could not name a single executive, the Board of Investment is unlikely to deliver major wins, and the two sides remain divided over which goods qualify as 'non-sensitive' under the Board of Trade.
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