2023-11-13 15:24:46 ET
The Asia Pacific Economic Cooperation (or APEC) Summit, happening from Nov. 11–17 in San Francisco, could be beneficial for the U.S. in terms of business with China, said Anja Manuel, Aspen Strategy Group’s executive director.
The U.S. is in a strong position going into the summit, with an economy growing 4.9% last quarter, she said during a CNBC interview.
The APEC summit will have U.S. companies attending, including Salesforce Inc. ( CRM ), Tesla ( TSLA ), Boeing ( BA ), Alphabet Class A ( GOOGL ), Microsoft ( MSFT ), Citigroup ( C ), FedEx ( FDX ), Exxon Mobil ( XOM ), and Uber ( UBER ).
“China says it's growing at about the same pace, but we all think it's slowing down,” said Manuel. “And these headwinds in China are caused by President Xi’s own policies, his tough political crackdown. He’s making it harder for American and other foreign companies to invest in China.”
This Wednesday would be the first time a U.S. president meets with President Xi Jinping in six years.
Manuel also said she believes the U.S. should continue to do business with China.
“There is no reason to cut ourselves off from the Chinese economy, other than in areas that touch our national security,” she said.
On Sunday, Bloomberg reported that China could be considering ending Boeing’s ( BA ) freeze to resume purchases of the company’s 737 Max aircraft.
“Our consumer business is doing business there,” Manuel said. “You will see president XI this week trying to roll out the red carpet for western businesses. Chinese have been saying, ‘China's open for business, we want you to come here,’ but they're making it very, very difficult.”
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APEC summit could be beneficial for US-China trade