China’s President Xi Jinping to Host Dinner with Top U.S. CEOs at APEC Summit

Invitations sent to corporate representatives… participation fee $2,000
President Xi likely to focus on improving foreign investment sentiment

Chinese President Xi Jinping is expected to dine with U.S. corporate leaders in mid-November in San Francisco, around the time of the Asia-Pacific Economic Cooperation (APEC) summit. President Xi is expected to use this opportunity to alleviate Western concerns about investing in China and emphasize cooperation and mutual growth.

Bloomberg reported on November 7, citing sources, that “hundreds, including U.S. top CEOs, are expected to attend the dinner with President Xi.” The South China Morning Post (SCMP) reported that the event is scheduled for November 15, and according to invitations distributed by the National Committee on U.S.-China Relations and the U.S.-China Business Council, the participation fee for the dinner is $2,000.

The invitation indicated that a speaker would deliver a keynote speech at the event but did not specify who it would be, according to the SCMP. The event is co-sponsored by the Asia Society, the Council on Foreign Relations, and the U.S. Chamber of Commerce. The organizers urged quick responses due to the high demand for attendance.

Ahead of the APEC summit, a CEO Summit will occur from November 14 to 16, with attendees including Darren Woods, Chairman of ExxonMobil, Albert Bourla, Chairman of Pfizer, and Satya Nadella, CEO of Microsoft.

Foreign media outlets predict President Xi will focus on quieting concerns about investment in China during his U.S. visit, including the dinner with U.S. corporate representatives. This is due to Western companies’ growing apprehension about doing business in China amid escalating geopolitical tensions, issues related to reconnaissance balloons, anti-spy laws, and the detention and investigation of staff from major countries. The SCMP reported that “Xi’s top priority is to reassure foreign investors who are increasingly nervous about doing business in China.”

The U.S. and China held a meeting of foreign ministers in Washington D.C. at the end of last month and have, in principle, agreed to hold a bilateral summit during the APEC summit in San Francisco from November 11 to 17. The details of the schedule are currently being coordinated.

If the summit is held, the leaders of the U.S. and China will meet for the first time in a year since the G20 summit in Bali last year. Bloomberg noted that “both the U.S. and China have reasons to alleviate the chaos,” adding that “President Biden is seeking stability ahead of next year’s elections, and China wants to attract more foreign investment to breathe life into its sluggish economy.”

China has not yet publicly mentioned whether President Xi will visit the U.S. However, it emphasizes the importance of cooperation with the U.S. and maintains high-level contacts such as finance ministers’ meetings. Notably, even though the position of Defense Minister has been vacant since the dismissal of Liang Guanglie last month, U.S. Defense Secretary Lloyd Austin is scheduled to visit China this month.

By. Kim Hyun Jung