Xi Jinping Pledges Broader Opening to US Businesses

Chinese President Xi Jinping conveyed a message of expanding economic opportunities to American CEOs accompanying President Donald Trump on his visit, stating that the “door to business in China will open wider.”

According to a report from the state-backed Xinhua News Agency, Xi emphasized that U.S. companies have played a significant role in China’s reform and opening-up policies, with both nations reaping mutual benefits. He further expressed optimism for U.S. businesses, anticipating “even broader prospects in China” as the country continues its policy of openness.

Among the prominent technology leaders present were Elon Musk, CEO of Tesla and SpaceX; Jensen Huang, CEO of Nvidia; and Tim Cook, CEO of Apple. Xinhua reported that President Trump personally introduced each of these executives to President Xi.

The U.S. business leaders conveyed their strong commitment to the Chinese market, expressing a desire to deepen their operational presence and enhance cooperative ventures within China.

The White House echoed this sentiment of market access enhancement. In a statement on X, the administration indicated that discussions focused on avenues to bolster bilateral economic cooperation, including expanding market access for American businesses in China and encouraging Chinese investment into the U.S.

George Chen, a partner and co-chair of digital practice at The Asia Group, commented that Xi’s remarks serve as a significant signal to global corporations to continue their investment in China. “I think the statement Xi made about opening up is not just for propaganda. China does need to remain attractive for foreign investments,” Chen told CNBC, suggesting the pronouncements hold genuine strategic weight.

The strategic importance of Artificial Intelligence (AI) was a palpable undercurrent during the summit. Both China and the United States are engaged in an intense race to develop and dominate AI technologies. Washington has implemented measures to restrict China’s access to critical AI-advancing technologies, notably high-performance chips from companies like Nvidia. In response, China has intensified efforts to bolster its domestic technological capabilities, with local semiconductor firms stepping in to fill the supply gap. Chinese AI models from entities such as Alibaba have demonstrated increasing competitiveness, challenging some of the offerings from leading U.S. firms.

Recent reports indicated that Washington had granted approval for Nvidia to supply certain Chinese tech companies with its H200 chip, a more advanced iteration of its product. However, the landscape surrounding export restrictions on Nvidia chips to China has been complex, with reports suggesting a potential easing of curbs followed by claims that China has been actively encouraging domestic procurement of semiconductors.

When queried about the H200 chip reports, U.S. Treasury Secretary Scott Bessent stated to CNBC’s Joe Kernen, “This is news to me.” He further elaborated that such matters fall under the purview of the Commerce Department and that the situation warranted further observation.

Nvidia’s CEO Jensen Huang, who joined the China trip at a later stage, characterized the meeting in Beijing as “one of the most important summits in human history.” While he declined to comment on specific chip sales, Huang remarked on the positive and welcoming atmosphere established by both Presidents Xi and Trump. “Today’s morning ceremony was very uplifting. President Xi was very inspiring, very welcoming, and President Trump was very inspiring and very welcoming,” Huang told reporters.

Secretary Bessent also highlighted a potential area of cooperation in AI safety protocols. He informed CNBC that the U.S. and China intend to collaborate on establishing best practices for AI to prevent non-state actors from gaining unauthorized access to these powerful models. This initiative underscores a shared concern regarding the responsible development and deployment of AI technologies, even amidst broader geopolitical tensions.

The U.S. Treasury Secretary’s assertion that the U.S. is “in the lead” on AI development positions the nation with a degree of leverage in these international discussions. This perceived advantage could shape the dynamics of future negotiations regarding AI governance and cooperation, particularly as both nations navigate the complex interplay of competition and collaboration in this critical technological domain.