CEOs of American companies sought to advance their business interests in China
NVIDIA Corporation NVDA | 0.00 | |
Citigroup Inc. C | 0.00 | |
QUALCOMM Incorporated QCOM | 0.00 | |
Visa V | 0.00 | |
Goldman Sachs Group, Inc. GS | 0.00 |
BEIJING, May 16 (Reuters) - Chief executives from some of the biggest U.S. companies in aviation, commodities, technology and finance sought to advance their business interests with China through meetings with heads of regulatory bodies and relevant ministries during U.S. President Donald Trump's visit to Beijing, where he lavished praise on his Chinese counterpart Xi Jinping.
These companies include GE Aerospace, Boeing, Qualcomm, Cargill, Visa, Goldman Sachs, and Citigroup. Official government data and state media reports published on Friday and Saturday showed that the CEOs of these companies held talks with senior officials at Chinese government agencies such as the Ministry of Commerce, the State Planning Commission, the securities regulator, and the central bank.
The American business executives traveled to Beijing as part of Trump’s trade delegation on his visit to China, and stood behind members of Trump’s team on Thursday morning as each was introduced to the Chinese president before later in the evening meeting with Chinese officials and business leaders at a formal banquet.
Executives hope that the political goodwill resulting from the rapport between the two leaders will extend to the Chinese bureaucracy and lead to regulatory approvals, lucrative procurement deals, and even help resolve thorny issues in the world's second-largest economy.
This diplomatic push for businesses comes as analysts question the effectiveness of Trump’s strategy to persuade Xi to open China to American companies, as he appears to have left Beijing with far fewer trade and investment deals than in 2017.
“The summit was a crucial window for the American CEOs in attendance to advance corporate diplomacy and put their strategic demands directly to senior Chinese officials,” said Alfredo Montovar-Hillo, managing director of Beijing-based Ancorah China Advisors.
Post-summit meetings in Beijing
State media reported on Saturday that the head of China's securities regulator and the party secretary in Beijing held talks with Jane Fraser, chief executive of Citigroup, and discussed strengthening cooperation in wealth management and cross-border finance.
The official Beijing Youth Daily quoted Beijing Party Secretary Yin Li as saying that China welcomes Citigroup's expansion and its assistance in attracting more international companies and investments to the country.
The securities regulator said in a statement that its chairman, Wu Qing, met with Fraser and that the two exchanged views on issues including global economic and financial conditions and the opening up of China’s capital markets.
The State Administration of Foreign Exchange said in a statement that the deputy governor of the People's Bank of China (China's central bank) and the director of the State Administration of Foreign Exchange met with David Solomon, chairman and CEO of Goldman Sachs.
Chinese Commerce Minister Wang Wentao also met with Ryan McInerney of Visa, Brian Sykes of Cargill, and Cristiano Amon of Qualcomm, but official Chinese data did not reveal details of the talks.
Nvidia CEO Jensen Huang, known for interacting with locals during his overseas business trips, strolled through downtown Beijing on Friday, sampling local food and taking photos with dozens of fans.
After leaving Beijing yesterday, Trump told reporters aboard Air Force One that China had agreed to purchase 200 Boeing aircraft and between 40 and 450 engines from GE Aerospace, with the possibility of the order increasing to as many as 750 aircraft. If these orders are finalized, it would be Boeing's first major deal with China in nearly 10 years.
