The BGA China Team, led by BGA Adviser Eric Wang, wrote an update to clients on U.S. President Joe Biden and Chinese President Xi Jinping’s meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.

Context

  • Presidents Biden and Xi met for the first time in a year on the sidelines of the APEC summit in San Francisco. They last met on November 14, 2022, on the sidelines of the Group of 20 summit in Bali, Indonesia.
  • While the U.S.-China relationship has been marked with increasing competition over the last decade, the meeting between Biden and Xi opened opportunities for cooperation. Following the meeting, both sides lauded their “productive discussions” to prevent their competition from spiraling into open conflict.

Significance

  • The talks led to no major breakthroughs, but China and the United States agreed to greater bilateral cooperation in areas such as combating the fentanyl trade, resuming military-to-military dialogue and governing the development of artificial intelligence (AI). The two countries also touched on thorny issues, such as conflict in Gaza, the Russia-Ukraine war and pending elections in Taiwan.
  • Biden raised concerns over China’s noncompetitive economic practices, and Xi pushed back against the U.S. regime of sanctions, export controls and investment restrictions, which Xi said was constraining Chinese technological development.

Implications

  • Companies should note potential opportunities for greater people-to-people relations and dialogue on critical issues. Washington and Beijing agreed to increase flights and expand exchanges in business, youth, culture, education and sports.
  • Following the conversation, Xi attended a dinner hosted by business leaders in San Francisco. The occasion signals China’s continued efforts to attract Western investment and business, especially with the opening of people-to-people ties between the two countries.

We will continue to keep you updated on developments in Indonesia as they occur. If you have any comments or questions, please contact BGA Adviser Eric Wang at ewang@bowergroupasia.com.

Best regards,

BGA China Team

A small ginko leaf

Advisor

Eric has over two decades’ experience in government affairs and public relations and currently serves as firm partner and managing director of Yuan Associates. He has worked with more than 80 clients in manufacturing, agriculture and food, consumer goods and service industries. Eric joined Yuan Associates in 2005 and become a partner and managing director in 2011. As managing director, he is responsible for comprehensive government affairs service for and management of clients. As a partner his responsibilities include overseeing the firm’s daily overall operations. Prior to joining Yuan Associates, Eric worked as an account manager for Euan Barty Associates ... Read More