CQQQ - China reset? Big business Biden set to meet with Xi Jinping

2023-11-15 04:41:40 ET

All eyes are on California, where U.S. President Joe Biden and his Chinese counterpart Xi Jinping will meet on the sidelines of the Asia-Pacific Economic Cooperation summit on Wednesday to help cool escalating tensions between the countries.

Xi will also meet CEOs of major Wall Street firms to quell concerns about U.S.-China ties and shore up foreign investor confidence that has been hit by trade restrictions, Beijing's crackdown on foreign companies and China's property crisis.

Xi is expected to meet Tesla's ( TSLA ) Elon Musk, Microsoft's ( MSFT ) Satya Nadella, Exxon Mobil's ( XOM ) Darren Woods, and Citigroup's ( C ) Jane Fraser, Bloomberg reported .

Ahead of his meeting with Xi, Biden said the U.S. was interested in helping China's weakening economy, but not at the expense of American trade secrets. "What we're trying to do is change the relationship for the better," he told reporters on Tuesday.

"There is no room for an accident to take place," Citadel founder Ken Griffin told Bloomberg. "An abrupt decoupling would come at just catastrophic costs to the people."

"It would be naive to expect this meeting to result in breakthrough developments , but I am optimistic that this meeting will steer the two countries in the right direction to manage geopolitical risks better," said Investing Group Leader Dilantha De Silva.

More on U.S.-China ties

• APEC summit could be beneficial for U.S.-China trade
• Biden to meet with Xi next week to continue U.S.-China dialogue
• Semiconductor stocks in focus as Biden is set to meet with Xi Jinping
• China President Xi to meet with U.S. executives in effort to calm investors

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