WATCH: American Executives Give Chinese President Standing Ovation In San Francisco
American Business Titans Give Standing Ovation to Chinese President Xi Jinping
American business titans who paid thousands to be in the room with Chinese President Xi Jinping gave the communist country’s leader a standing ovation after his remarks in San Francisco this week.
On Wednesday evening, Xi dined with more than 300 American business executives and delivered remarks promoting investment in China, a country many Americans consider the greatest threat to the U.S., at a gala in the ballroom of the Hyatt Regency in downtown San Francisco.
“Are we adversaries or partners?” Xi challenged the audience during his remarks. “China is ready to be a partner and friend of the United States.”
Powerful American CEOs in Attendance
- Apple CEO Tim Cook
- Pfizer CEO Albert Bourla
- FedEx CEO Raj Subramaniam
- Salesforce CEO Marc Benioff
- Boeing Commercial Airplanes CEO Stanley Deal
- Blackstone CEO Stephen Schwarzman
- BlackRock CEO Larry Fink
- Mastercard’s independent board chairwoman Merit Janow
Apple’s chief was seated next to Chinese Minister of Commerce Wang Wentao, place cards reportedly showed.
Other notable executives from companies such as Amway, Honeywell, Broadcom, Las Vegas Sands, Gilead Sciences, investment firm KKR, and Fulgent Genetics were also in attendance.
Attendees rose and applauded when Xi concluded his half hour of remarks, a video from the event shows.
My view of the standing ovation for Chinese President Xi Jinping tonight in San Francisco from a ballroom full of some of the most powerful American CEOs and Chinese officials. I’ll have more Thursday morning on @SquawkCNBC on @CNBC. pic.twitter.com/WP6MVeBLfZ
— Eamon Javers (@EamonJavers) November 16, 2023
BREAKING: List of elite American executives dining with genocidal communist “Guest of Honor” Xi Jinping last night for $40,000 in San Francisco.
– Tim Cook @Apple
– Stephen Schwarzman @blackstone
– Larry Fink @BlackRock
– Stanley Deal @Boeing
– Merit Janow @Mastercard
— Select Committee on the Chinese Communist Party (@committeeonccp) November 16, 2023
Tesla CEO Elon Musk attended the VIP reception, but did not stay for the dinner, according to event organizers.
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Several members of the Biden administration attended the dinner, including Commerce Secretary Gina Raimondo, U.S. Ambassador to China Nicholas Burns, and top White House China advisor Kurt Campbell.
San Francisco Mayor London Breed was seated at the head table. California State Treasurer Fiona Ma attended the dinner as well.
Tickets for the event cost $2,000 each. However, companies could pay $40,000 for eight seats at a table plus one seat at Xi’s table.
The dinner was organized by the U.S.-China Business Council and the National Committee on U.S.-China Relations.
Outside, protesters gathered to demonstrate against the Chinese president’s visit. One woman strapped herself to a pole 25 feet in the air in the rain, yelling “Free Tibet!”
Americans with Tibetan, Hong Kong, and Uyghur heritage expressed frustration that Xi was being given a friendly reception.
Earlier on Wednesday, the Chinese president met with President Biden just south of San Francisco at the Filoli estate, where they spoke for several hours.
Republicans quickly slammed Xi’s visit as “fruitless.”
“Having these senior level meetings without getting anything in return and without having any desired outcomes sets a horrible precedent and makes the United States look incredibly weak,” House Foreign Affairs Committee Chairman Michael McCaul (R-TX) said Thursday.
Xi last visited the U.S. in 2017 during the Trump administration.
Last year, China did nearly $760 billion worth of trade with the U.S., and the trade deficit with China was $367.4 billion in 2022.
What are the potential risks and costs associated with doing business in China for American companies?
Hief of Staff Ron Klain and Commerce Secretary Gina Raimondo, who both addressed the audience before Xi took the stage.
The presence of these influential American CEOs at the dinner raises questions about the relationship between American business and China. Despite ongoing concerns about China’s human rights abuses, intellectual property theft, and unfair trade practices, these business leaders seemed eager to engage with the Chinese president and explore investment opportunities in the country.
China has long been seen as a lucrative market for American companies, with its large population and growing middle class. However, critics argue that doing business in China comes at a cost, both economically and ethically. American companies often face pressure to transfer technology and intellectual property to Chinese partners, and those who refuse to comply may face
retaliation from the Chinese government. Furthermore, China’s record on human rights, including its treatment of ethnic minorities and crackdown on dissent, has led many to question whether American companies should be supporting the regime.
The standing ovation for President Xi reflects the complex relationship between American business and China. While there are legitimate concerns about China’s actions and intentions, there is also a recognition of the economic opportunities that the country represents.
For American CEOs, the decision to attend the dinner was likely driven by a combination of business interests, political considerations, and a desire to maintain relationships with Chinese partners. In a global economy, it is difficult for American companies to ignore the world’s second-largest economy.
However, this raises the question of whether American business leaders should prioritize short-term profits over long-term values. By engaging with President Xi and giving him a standing ovation, these CEOs may be sending a message that business interests come before concerns about human rights and national security.
It is important for American companies to carefully consider the ethical implications of doing business in China and to take a stand against human rights abuses and unfair trade practices. While engagement with China can be mutually beneficial, it should not come at the expense of American values and interests.
As the relationship between the US and China continues to evolve, American business leaders have a responsibility to act in the best interests of their companies and their country. Giving a standing ovation to President Xi may have been a symbolic gesture of goodwill, but it should not overshadow the
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