Among the most prominent leaders who have visited China recently is Bill Gates. He arrived in the country on June 16th, his first trip in four years. While there, he met with Chinese President Xi Jinping.
On his blog, he shared that the two sides discussed the importance of addressing global development and health challenges such as health inequality, climate change, and the role of China.
Gates' trip comes just days before a highly anticipated visit by U.S. Secretary of State Antony Blinken, aimed at getting bilateral relations back on track. 2023 marks 30 years of Microsoft's operations in China. Although Gates is no longer involved in the management, he continues to work to mitigate the impact of U.S.-China tensions on the business.
Earlier, Elon Musk – CEO of electric car company Tesla – made his first business trip to China in three years at the end of May. Approximately 40% of Tesla vehicles are produced at the Shanghai factory. In a meeting with Foreign Minister Qin Gang, Musk stated that Tesla opposes the splitting and severing of its supply chain and is ready to expand its business in the world's second-largest economy.
Gates and Musk arrived in Beijing just as the country lifted its Covid-19 restrictions in January. According to the US Department of Commerce, US-China trade increased by approximately 5% in 2022 to nearly $690 billion, setting a four-year record. Despite the Biden administration imposing numerous sanctions on China regarding semiconductors and advanced technology, businesses continue to seek new opportunities in the country in other sectors.
During a visit to Shanghai in May, JPMorgan Chase CEO Jamie Dimon hinted that the bank had no plans to leave China. "When doing business in a country, you're going to experience both good times and bad times," he shared.
In 2021, JPMorgan was licensed to become the first foreign financial institution to wholly own a securities firm in China. Despite the growing instability there, brokerage commissions remain a major plus.
Apple CEO Tim Cook, Qualcomm CEO Cristiano Amon, and Intel CEO Pat Gelsinger have all visited China in recent months. According to Nikkei , the Chinese government has been rolling out the red carpet for these business leaders, arranging meetings with top officials. As the economy struggles to recover from Covid, President Xi Jinping views foreign investment and technology as key to ensuring stable economic growth and countering US attempts to disrupt supply chains.
The list of foreign CEOs visiting China also includes Peter Wennink, CEO of semiconductor equipment manufacturer ASML, and Jean-Marc Chery, CEO of semiconductor company STMicroelectronics. On June 7th, STMicroelectronics announced plans to form a joint venture with a local partner to build a factory in Chongqing.
In April, French President Emmanuel Macron visited China with a delegation of business leaders, including the CEO of Airbus. The aircraft manufacturer agreed with local authorities to build a new assembly line in Tianjin and received a license to supply 160 aircraft.
German Chancellor Olaf Scholz also visited China with business delegations in the fall of 2022. China reciprocated with a delegation led by Premier Li Qiang to Germany on June 20th.
Nevertheless, many businesses remain concerned that US-China tensions will continue and are seeking alternatives. For example, Sequoia Capital decided to spin off its China division. AstraZeneca is considering disbanding its China division. Technology companies like Apple are expanding their supply chains in Southeast Asia and India to reduce their dependence on mainland China.
(According to Nikkei)
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![[Photo] General Secretary and President To Lam presides over a meeting on preparations for the review of one year of operation of the three-tiered government system.](https://vphoto.vietnam.vn/thumb/1200x675/vietnam/resource/IMAGE/2026/06/02/1780391821195_a1-bnd-4595-9717-jpg.webp)
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