Xi Jinping courts US business leaders in San Francisco to boost China’s economy

In a high-profile gathering in San Francisco, Chinese President Xi Jinping is hosting an exclusive dinner with top US business leaders, including BlackRock (NYSE:)’s Larry Fink. The event, part of Xi’s efforts to attract foreign investment and strengthen China’s economy, also sees CEOs from influential companies such as Blackstone (NYSE:), Visa (NYSE:), Pfizer (NYSE:), Qualcomm (NASDAQ:), and Broadcom (NASDAQ:) in attendance.

The dinner follows a significant afternoon of talks between President Xi and President Joe Biden during the Asia-Pacific Economic Cooperation leaders’ meetings, signaling a step towards mending the tense US-China bilateral relationship. Amid growing concerns over China’s stringent national security policies and the portrayal of foreign entities as espionage threats, the engagement with Xi is seen as vital by businesses invested in the vast Chinese consumer electronics market.

The National Committee on U.S.–China Relations and the US-China Business Council are hosting the private dinner. Details of the event have been kept under wraps; however, Mike Gallagher, chair of the House Select Committee on the Chinese Communist Party, revealed at an anti-CCP rally that seats at Xi’s table commanded a price of $40,000 each.

In addition to the American corporate titans, Xi’s “old friends” from Iowa, who hosted him during a visit 38 years ago, are also expected to join the dinner. The Chinese leader is set to address the attendees, further underscoring the importance of this diplomatic and economic outreach initiative.

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