- President Joe Biden and Chinese Premier Xi Jinping will meet at the Asia-Pacific Economic Cooperation (APEC) on Wednesday, their first meeting in more than a year.
- While wars and rising tensions around the globe are thought to be the main discussion points for the two leaders, there are some economic topics that could be broached.
- China will seek to win back investors that have left the country amid its regulatory crackdowns, economic slowdown, and geopolitical risks, as Xi will meet with several top U.S. CEOs.?
A long-anticipated meeting between the leaders of the U.S. and China is scheduled for this week, where the world’s two leading economies are expected to look for common ground on issues after not meeting for more than a year.?
President Joe Biden will travel to San Francisco this week to attend the Asia-Pacific Economic Cooperation (APEC), where on Wednesday he is expected to meet with his Chinese counterpart, Xi Jinping, in what would be the first conversation between the two leaders in a year. They last spoke at the Group of 20 summit in Bali, Indonesia in November 2022.
“President Biden will highlight the strength and resilience of the U.S. economy, our longstanding economic ties with the Asia-Pacific, the surge of job-creating investments from APEC economies into the United States in recent years, and the role of the U.S. economy in driving growth and innovation in the Asia-Pacific and globally,” White House Press Secretary Karine Jean-Pierre said in a statement.
APEC is a 21-member nation forum to promote trade, investment and economic development between countries around the Pacific Ocean, with member countries including China, Russia, Japan, the U.S. and Australia. Seven of the U.S. top-10 trading partners are members of APEC, which accounts for nearly 40% of the global population and almost half of the world’s trade.
The meeting is expected to focus on opening lines of communication between the two countries, with discussions expected to include military issues, global conflicts, artificial intelligence (AI), fentanyl, and Americans who are detained in China.
However, a few key economic items could come up.
China’s goal will be to win back investors who have left the country amid its regulatory crackdowns, economic slowdown, and geopolitical risks. China may also address U.S. restrictions on chip sales to that nation as well as tariffs and sanctions.
The meeting could also help open more of China’s market to U.S. aircraft maker Boeing (BA), as the Chinese government is reportedly considering making a commitment to the 737 Max jetliner, ending a commercial freeze on the vehicle following two crashes in 2018.
On Xi’s first visit to the U.S. in six years, he will also have a dinner with top U.S. executives, including Jane Fraser of Citigroup (C), ExxonMobil (XOM) CEO Darren Woods and Tesla (TSLA) CEO Elon Musk. Treasury Secretary Janet Yellen met with Chinese Vice Premier He Lifeng for two days of meetings last week to help lay the groundwork for the summit.