Top American CEOs Are Quietly Jet Setting To China To Reforge Business Ties As US Relations Sour

  • Recently, some of America’s top CEOs visited China, emphasizing the need for cooperation between the two countries, and secretly visited with Chinese Communist Party (CCP) officials.
  • The CEOs have been largely silent when discussing the visit because of tensions between nations over trade and national security, but stressed the need for cooperation.
  • China’s foreign ministry said after the meeting that Musk said that “the interests of the United States and China are intertwined like conjoined twins.”

Prominent US CEOs recently made discreet visits to China to meet with Chinese Communist Party (CCP) officials and officials.

Jamie Dimon, CEO of JPMorgan Chase; Elon Musk, CEO of Tesla; Tim Cook, CEO of Apple; Steven Schwartzman, CEO of Blackstone U.S. executives, including Citigroup CEO Jane Fraser, visited China, stressed the importance of promoting cooperation between the two countries, and met with Chinese Communist Party officials. It says. against media reports. Officials from chambers of commerce and trade associations interviewed said they had been relatively quiet about the announcement due to tensions between the two countries. Reuters.

Reasons for the tension include the US imposing export restrictions on chips from China and data security risks to Americans, such as those associated with TikTok, which is owned by Beijing-based ByteDance. be according to to Reuters. Furthermore, the Chinese government amended and expanded its anti-espionage law in April, leading to raids on US companies already operating in China. according to to the New York Times.

Additionally, China has pledged to invade Taiwan, which analysts fear could lead to a war between the United States and China. according to to the Council on Foreign Relations. China has not ruled out the possibility of using military action to occupy Taiwan, and the United States has not ruled out the possibility of defending Taiwan against such attacks.

But the CEOs all met with members of the Chinese Communist Party or people with ties to the Chinese Communist Party. Three of them met with Shanghai Municipal Secretary of the Communist Party of China Chen Jining, Musk met with China’s Minister of Foreign Commerce and Industry, Schwartzman met with China Investment Corporation (CIC) Chairman Peng Chun, and Fraser He met with the head of China’s National Financial Regulatory Authority (NFRA). ) Li Yunze.

Dimon traveled to China for the JPMorgan Global China Summit in Shanghai in May. according to to Reuters. he met shook hands I met with Jining the day before the conference started, but the company said it was a “private” meeting and refused to discuss what they had to say. according to to the Financial Times.

At the summit, Dimon spoke about decoupling the United States and China, according to Reuters.

“Stop trying to cut it off. Stop trying to hurt China and the Chinese people,” he said, adding that he liked that President Joe Biden’s administration was “talking about risk aversion.” rice field.

“Sit across the Pacific and yell at each other won’t solve these problems,” says Dimon. “So I hope we can have a real relationship.”

Dimon’s visit to China will be the first since the COVID-19 pandemic began and since he joked that JPMorgan has outlived the Chinese Communist Party, according to Reuters. was.

Musk visited Beijing in May for the first time in three years. according to to Reuters. Like Damon, he met and shook hands Jining, who welcomed Tesla and encouraged the company to step up its presence in Shanghai, according to To the South China Morning Post.

“U.S. and Chinese interests are intertwined like conjoined twins,” China’s foreign ministry said, citing Musk’s remarks. according to to CNN business.

Musk then left for Shanghai. According to Reuters, there will be a factory where Tesla will build more than 700,000 Model Ys and Model 3s in 2022, representing more than 50% of the company’s global production.

“It’s pretty impressive how they managed to overcome so many difficulties and challenges,” Musk told factory staff. according to to CNBC. “I tell people all over the world that the cars we produce here are not only the most efficiently produced, but also the highest quality.”

According to Reuters, Musk did not make any public statements during his stay in China.China banned Twitter nationwide, but Mr. Musk account posted two retweets, but did not tweet anything himself. (Related: ‘In China’s Pocket’: Presidential candidate Vivek Ramaswamy slams Elon Musk for loyalty to CCP)

BEIJING, CHINA – MARCH 11: (From left) Delegates Huang Kunming, Hu Chunhua, Chen Jining, Zhang Guoqing and He Weidong attend the National People’s Congress on March 11, 2023 in Beijing, China Attend the opening ceremony of the 4th plenary session. (Photo Credit: Lintao Chan/Getty Images)

Cook made his first trip to China since the coronavirus pandemic began in March. according to to the Financial Times. Mr. Cook also met Mr. Zinin on his recent trip. according to I told the Chinese media SHINE.

“I couldn’t be more excited,” Cook said at the China Development Forum in Beijing, according to the Financial Times. “Apple and China…we grew up together, so this is a symbiotic relationship.”

He also said the company “has a very large supply chain operation in China and, of course, our own supply chain.” . . apple store. “

With a software update on November 9, Apple restricted the AirDrop feature on iPhones sold in China. Pro-democracy demonstrators in Hong Kong used the app to share messages that escaped China’s internet restrictions during the 2019 protests, business media Quartz reported. report.

Mr. Schwartzman met with CIC chair Mr. Chun, sovereign wealth fund Founded by the Chinese Communist Party on the march trip They discussed a variety of topics, including inter-organizational cooperation, global economic and market conditions, and key investment areas. according to To CIC press release. The two sides made efforts to strengthen communication and cooperation.

Schwartzman has connections with several figures associated with the Chinese Communist Party and has spent time with people like Anthony Leung, who ran Blackstone’s Hong Kong office, which opened in 2007. according to to Blackstone. Before that, Leon He served as Hong Kong Finance Minister from 2001 to 2003, reporting directly to the Hong Kong Chief Executive. Tong Chi Huaindividuals “clearly associated with the United Front”, according to To the U.S.-China Economic and Security Review Committee.

The united front is the political method of the Chinese Communist Party, according to to the Central Intelligence Agency.

Schwartzman said his partner Leong was with him when he first met Chinese President Xi Jinping, then general secretary of the Communist Party of China. according to gave an interview to The New Yorker magazine. In addition, Leon helped raise his $3 billion from his CIC for his June 2007 initial public offering (IPO) of Blackstone. according to to the Wall Street Journal.

Blackstone was planning a $4 billion IPO at the time, but was eventually raised to $7 billion, Schwartzman said. Said 2020 Economic Times.

“It’s the first time China has bought shares in a public company outside China since modern China was founded in 1949,” he said.

blackstone twitter account He did not mention a visit to China. Mr. Schwartzman attended the China Development Forum with Mr. Cook. according to to CNN business.

Fraser traveled to China and met with Yunze in June. according to to Reuters.of Chinese Communist Party Mr. Lee was appointed by Mr. Lee in May, and Mr. Fraser met Mr. Lee for the first time since taking up his new position.

Mr. Fraser and other Citi executives said Citi will “play to its strengths and continue to expand its business in China.” according to to Asia Financial.Fraser also said the US and China should strengthen communication and cooperation where their interests overlap, South China Morning Post report.

Missouri Republican Rep. Blaine Lutkemeyer asked Prime Minister Fraser in 2022 whether he would condemn the massacre of Uyghur Muslims by the Chinese Communist Party the previous year.

“We clearly take all allegations of human rights violations very seriously,” Fraser responded. “And … we do not conduct any activities with companies that engage in forced labor.”

city ​​twitter account There was no mention of Fraser’s visit to China. The company opened an office in Shanghai in 1902, according to to that website.

Tesla, Apple, Blackstone and Citi did not immediately respond to the Daily Caller News Foundation’s request for comment. JPMorgan and Citi declined the DCNF’s request for comment.

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