America’s top CEOs flock to China after a three-year break, despite geopolitical tensions
Back in Beijing… Elon Musk got a hero’s welcome this week when he returned to China for the first time in three years. During a high-stakes visit to the country that houses Tesla's biggest production hub, the chief exec was greeted with flattery and a 16-course feast. Musk met with China’s foreign minister on Tuesday, and Tesla stock spiked following reports that he’s willing to expand business in China.
- #Twinning? China’s foreign ministry quoted Musk as saying that the US and China are “conjoined twins” and that he’s against a decoupling of the world’s largest economies.
Fire up the private jets… Elon isn’t the only biz leader on the move. US-China relations are at their worst point in decades, but CEOs of American companies are returning to China now that it’s reopened its borders. This week JPMorgan Chase's Jamie Dimon and Starbucks' Laxman Narasimhan also flew over. In March, Apple's Tim Cook paid a visit to the country where most Apple products are manufactured.
Expand: According to Chinese outlets, Narasimhan said he hopes China will become Starbucks’ largest market, and plans to significantly grow locations there.
Engage: Dimon called for “real engagement” between the US and China and warned against trying to cut ties between the two economic powers.
If you can’t detach, attach… From spying to tech wars, US-China relations have soured. But big corporations can’t detach themselves from the manufacturing power and massive consumer base of the world’s second-largest economy. And China, whose post-lockdown economic rebound has been underwhelming, needs and welcomes US investment.