Exclusive-China's Xi seeks to bring large CEO delegation on US visit, sources say

President Xi Jinping is assembling a sizable delegation of Chinese business leaders to accompany him during his upcoming visit to Washington, according to two sources cited by Reuters. This is an uncommon occurrence, as Xi typically does not travel abroad with a large contingent of corporate executives, many of whom have faced difficulties following Beijing's regulatory crackdowns on sectors like technology, education, and property since 2020.

The White House is not aware of the delegation's formation, though it did not provide further details on the reason behind its lack of tracking. The business delegation for the September 24 summit has not been previously reported, and it remains unclear which executives will join Xi. The move appears to be a strategic effort to demonstrate China's commitment to fostering investment and commercial ties with the U.S., while also offering the White House potential economic benefits ahead of the midterm elections.

Some sources familiar with the situation believe that this delegation could play a significant role in advancing bilateral relations. The last time China sent a substantial business delegation to the U.S. was in 2015, which included Alibaba's Jack Ma, Tencent's Pony Ma, and executives from Chinese banks and state-owned enterprises.

During that visit, China and the U.S. signed a $38 billion agreement for 300 Boeing aircraft, and Xi met with technology executives such as Tim Cook of Apple, Mark Zuckerberg of Meta, and Jeff Bezos of Amazon. By contrast, U.S. President Donald Trump has held several high-profile delegations of American business leaders in China, like the one in May comprising 18 executives, including Nvidia's Jensen Huang and Elon Musk.

Chinese business experts suggest that this time, the Chinese delegation may be more intentional about the participation of business leaders to bolster engagement. However, the U.S. Treasury and the Office of the U.S. Trade Representative have declined to comment on this story, while the State Department and China's foreign ministry have not provided any information regarding the delegation.

While both nations have established formal mechanisms to manage their trade and investment ties, the Board of Investment is not expected to produce substantial outcomes during the summit due to the challenging environment for Chinese investment in the U.S. The summit remains modestly anticipated, with limited prospects for major breakthroughs, particularly in addressing areas like non-sensitive goods under the Board of Trade and tariff reductions.

Both countries are also discussing whether China should address its lack of compliance with the Busan agreement from October, which initiated a one-year trade truce, as well as other bilateral concerns. U.S. Trade Representative Jamie Bessent stated that both countries aim to announce some outcomes on agriculture and non-tariff barriers during the summit, though specific details remain undisclosed.

U.S. Treasury Secretary Scott Bessent, Jamie Greer, and Chinese Vice Premier He Lifeng are set to meet in early September to discuss the summit's deliverables, but the exact date and location of these discussions remain unknown.