Biden hails progress in Beijing ties; Xi tells CEOs China ready to be U.S. partner

The highly-anticipated meeting between U.S. President Joe Biden and his Chinese counterpart Xi Jinping ended with the leaders agreeing to resume military communications, curb fentanyl production, open high-level communications, and collaborate on studying AI risks.

“We’re back to open, clear communication on a direct basis,” said Biden, although many issues – including Taiwan – remained unresolved.

Xi called on Biden to lift unilateral sanctions, and provide a non-discriminatory environment for Chinese companies. “China has no plans to surpass or replace the U.S., and the U.S. should not have any plans to suppress or contain China,” he said.

Soon after the meeting, however, Biden repeated his comments from earlier this year describing Xi as a dictator, which could rile Beijing. “He’s a dictator in the sense that he’s a guy who runs a communist country that’s based on a form of government totally different than ours.”

Meanwhile, Xi also spoke at a dinner with American executives, reassuring them that China is “ready to be a partner of the U.S.” The event was aimed at boosting investor confidence in China’s economy weakened by U.S. trade restrictions and Beijing’s crackdown on foreign companies.

“To regard China as a threat and engage in a zero-sum game in which you lose and I win, and you rise and I decline, is to go astray,” Xi cautioned.

Executives that attended the dinner include Apple’s (AAPL) Tim Cook, Tesla’s (TSLA) Elon Musk, Boeing’s (BA) Stan Deal, BlackRock’s (BLK) Larry Fink, and Bridgewater Associates’ Ray Dalio.

While Xi’s comments aimed at reassuring the business community, Myron Brilliant, former head of international relations for the U.S. Chamber of Commerce, said times have changed. “Bottom line is that American business leaders don’t want to be caught in a game of chess between China and the U.S. governments.”

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