Xi Pledges Wider Market Access to Musk, Huang, and Cook in Beijing
CNBC reported Thursday that Chinese President Xi Jinping told a group of prominent American executives traveling with President Donald Trump that China’s door to foreign business would only open wider, according to state-backed outlet Xinhua.
Tech Heavyweights Gather in Beijing
Tesla and SpaceX chief Elon Musk, Nvidia CEO Jensen Huang, and Apple CEO Tim Cook were among the senior executives who accompanied Trump to Beijing. Xi met them individually, with Trump personally introducing each executive to the Chinese leader.
Xinhua quoted Xi as saying U.S. companies have long been partners in China’s economic development, and that both countries had benefited from that relationship. U.S. executives, for their part, voiced enthusiasm about deepening their Chinese operations.
The White House echoed the tone in a statement, noting both sides had discussed expanding market access for American firms in China alongside growing Chinese investment in the United States.
Background: A Relationship Built on Mutual Economic Stakes
The meeting comes after years of escalating trade tensions between Washington and Beijing, including sweeping tariffs and broad U.S. restrictions on exporting advanced semiconductors to China. Washington has sought to limit China’s access to chips that could power military or AI applications, pressuring companies like Nvidia significantly.
China responded by accelerating its domestic semiconductor industry, with local firms moving to fill supply gaps. Yet foreign companies have maintained deep commercial ties with the Chinese market, which remains critical to revenues across the technology sector.
Nvidia H200 Report Adds Intrigue
Separately, Reuters reported on Thursday that Washington had cleared Nvidia to supply H200 chips to certain Chinese technology companies. The H200 is among Nvidia’s more capable products and has been subject to export controls.
U.S. Treasury Secretary Scott Bessent told CNBC the report was news to him, describing chip export decisions as a Commerce Department function. Huang, who joined the delegation late, declined to address chip sales directly. He described the summit as among the most consequential in recent memory and said both leaders struck an upbeat and welcoming tone.
George Chen of The Asia Group told CNBC that Xi’s openness pledge carries genuine weight. He argued China has a real economic incentive to remain attractive to foreign capital, beyond any diplomatic messaging.
What Comes Next
Whether Xi’s words translate into concrete policy shifts remains to be seen. China has reportedly encouraged domestic firms to prioritize local semiconductor suppliers over foreign alternatives. Any formal expansion of Nvidia’s access or broader easing of restrictions will likely require sustained negotiations between trade and commerce officials on both sides.
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