Apple CEO Tim Cook (R) speaks during the China Development Forum on March 24, 2024, in a discussion about carbon neutrality with Tsinghua University School of Economics and Management Dean Bai Chong-en.China News Service | China News Service | Getty ImagesBEIJING — U.S. business leaders met with Chinese President Xi Jinping on Wednesday, the latest of Beijing’s efforts to bolster foreign investment in China amid tensions with the U.S.Blackstone founder Stephen Schwarzman, Qualcomm President and CEO Cristiano Amon, Bloomberg Chair Mark Carney and FedEx President Rajesh Subramaniam were among the attendees, according to state media.The companies did not immediately respond to CNBC’s requests for comment.Earlier reports described the meetings as a follow-up to Xi’s dinner with U.S. business executives in San Francisco in November following the Chinese president’s meeting with President Joe Biden.The executives and others from major international companies were in Beijing this week for the annual China Development Forum (CDF), which took place Sunday to Monday.Top executives of multinational companies typically attend the state-organized forum, which is billed as the “first major state-level international conference” after China’s annual parliamentary meetings in early March.The forum this year coincided with other efforts to attract foreign business. Chinese authorities hosted an “Invest in China Summit” and formally eased once-stringent data export requirements.The Cyberspace Administration of China late Friday formally released long-awaited new rules that eliminate government oversight of overseas information sharing if regulators haven’t categorized it as “important data.” Those rules were effective immediately.What we have is businesses getting stuck in the middle, because the U.S. has been more involved in business than I can remember.Carlos Gutierrezformer U.S. Secretary of Commerce”This is a significant step forward in terms of transparency and our member companies now have much more clarity as they look to comply with these rules,” Sean Stein, chair of the American Chamber of Commerce in China, said in a statement.”Notably, these changes strengthen the role of industry-specific regulators to determine what data should be deemed important in their sectors,” he said, “and also presumes that data is not important unless specifically declared as such.”However, a combination of geopolitical tensions, regulatory uncertainty and slower economic growth have made it more challenging for foreign businesses in China.”What we have is businesses getting stuck in the middle, because the U.S. has been more involved in business than I can remember,” Carlos Gutierrez, former U.S. Secretary of Commerce, said Wednesday on CNBC’s “Squawk Box Asia.””We are in that period of time of confusion of different ideologies,” Gutierrez said. “We will get through it. Nothing is permanent and eventually the numbers will show that globalization is a better model than self-sufficiency or nationalism. But regrettably we are in that moment in time and will be in that for a while.”Biden, who is running for reelection in November, has released incentives for boosting industrial development in the U.S. His administration has also used export controls to restrict U.S. companies from selling advanced semiconductor technology to China…. for …
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[mwai_chat context=”Let’s have a discussion about this article:nnApple CEO Tim Cook (R) speaks during the China Development Forum on March 24, 2024, in a discussion about carbon neutrality with Tsinghua University School of Economics and Management Dean Bai Chong-en.China News Service | China News Service | Getty ImagesBEIJING — U.S. business leaders met with Chinese President Xi Jinping on Wednesday, the latest of Beijing’s efforts to bolster foreign investment in China amid tensions with the U.S.Blackstone founder Stephen Schwarzman, Qualcomm President and CEO Cristiano Amon, Bloomberg Chair Mark Carney and FedEx President Rajesh Subramaniam were among the attendees, according to state media.The companies did not immediately respond to CNBC’s requests for comment.Earlier reports described the meetings as a follow-up to Xi’s dinner with U.S. business executives in San Francisco in November following the Chinese president’s meeting with President Joe Biden.The executives and others from major international companies were in Beijing this week for the annual China Development Forum (CDF), which took place Sunday to Monday.Top executives of multinational companies typically attend the state-organized forum, which is billed as the “first major state-level international conference” after China’s annual parliamentary meetings in early March.The forum this year coincided with other efforts to attract foreign business. Chinese authorities hosted an “Invest in China Summit” and formally eased once-stringent data export requirements.The Cyberspace Administration of China late Friday formally released long-awaited new rules that eliminate government oversight of overseas information sharing if regulators haven’t categorized it as “important data.” Those rules were effective immediately.What we have is businesses getting stuck in the middle, because the U.S. has been more involved in business than I can remember.Carlos Gutierrezformer U.S. Secretary of Commerce”This is a significant step forward in terms of transparency and our member companies now have much more clarity as they look to comply with these rules,” Sean Stein, chair of the American Chamber of Commerce in China, said in a statement.”Notably, these changes strengthen the role of industry-specific regulators to determine what data should be deemed important in their sectors,” he said, “and also presumes that data is not important unless specifically declared as such.”However, a combination of geopolitical tensions, regulatory uncertainty and slower economic growth have made it more challenging for foreign businesses in China.”What we have is businesses getting stuck in the middle, because the U.S. has been more involved in business than I can remember,” Carlos Gutierrez, former U.S. Secretary of Commerce, said Wednesday on CNBC’s “Squawk Box Asia.””We are in that period of time of confusion of different ideologies,” Gutierrez said. “We will get through it. Nothing is permanent and eventually the numbers will show that globalization is a better model than self-sufficiency or nationalism. But regrettably we are in that moment in time and will be in that for a while.”Biden, who is running for reelection in November, has released incentives for boosting industrial development in the U.S. His administration has also used export controls to restrict U.S. companies from selling advanced semiconductor technology to China…. for …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
