In an attempt to woo foreign capital, Chinese President Xi Jinping hosted a lavish dinner for a select group of American business leaders, including Apple CEO Tim Cook (via Bloomberg).
The event, which was held in San Francisco on Wednesday evening, came on the heels of Xi’s much-anticipated meeting with US President Joe Biden, which aimed to stabilize the turbulent bilateral relationship between the two countries.
The dinner was attended by some of the most powerful figures in the US corporate and tech world, including BlackRock’s Larry Fink, Bridgewater Associates’ Ray Dalio, and Citadel Securities’ Peng Zhao. These executives were joined by US Commerce Secretary Gina Raimondo and US Ambassador to China Nicholas Burns, who were seated at the same table as President Xi.
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The dinner provided an opportunity for President Xi to tout China’s economy to some of the world’s most influential investors. China has been struggling to meet its ambitious growth targets in recent years especially post COVID-19, and the government is eager to attract foreign capital to help boost the economy.
In his remarks to the business leaders, President Xi emphasized China’s commitment to opening up its economy to foreign investment. He also pledged to further strengthen intellectual property protections and reduce regulatory burdens on businesses.
Apple CEO Tim Cook was one of several high-profile technology executives in attendance at the dinner. Apple has a significant presence in China, with a large manufacturing base and a growing customer base. Cook’s presence at the dinner suggests that he is keen to maintain strong relationships with Chinese leaders and business partners.
Bloomberg reports that other CEOs who were also attending the dinner include those of Qualcomm, Broadcom, Mastercard, Visa, Nike, Boeing, and more.
Cook’s attendance at the dinner comes at a perilous moment for Apple in China. Sales of the iPhone 15 in the country reportedly lags behind that of the iPhone 14 last year amid the surprising resurgence of Huawei. In addition, the Chinese government has reportedly expanded its ban of iPhone use for government workers, which now includes more government agencies and state-affiliated companies.
The dinner was a significant event in the ongoing efforts to improve relations between the United States and China. The dinner also highlighted the importance of economic ties between the two countries, as evidenced by the presence of so many prominent US business leaders.
