China-US relations: ambassadors celebrating decades-old business council see warmer future between rivals
- 50th anniversary gala of the US-China Business Council honours US Treasury Secretary Janet Yellen and toasts Henry Kissinger, who died last month
- In letter read by Chinese ambassador to US, Chinese President Xi Jinping acclaims ‘huge potential, vast space, a promising future’ in ties
Speaking at the 50th anniversary gala of the US-China Business Council in Washington, Burns said: “I can report to you this evening that both of our governments have found a way to bring a measure of badly needed stability to the US-China relationship.”
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Burns’ message comes as the two countries re-evaluate their relationship, which hit a low point in February when the US shot down a Chinese surveillance balloon. Months later, the two sides held a flurry of high-level diplomatic meetings.
At the gala, Burns also read out a letter from Biden in which the US president said: “The world expects the United States and China to work together to address issues like the climate crisis, and the global food and health security crises, which would impact lives everywhere and are too big for any nation to resolve alone.”
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“The United States is committed to responsibly managing the competition between our two countries,” Biden added. He referenced his most recent meeting with Xi, saying both sides affirmed they would work together “when it is possible, and in our mutual interest”.
Also present at the event on Thursday was the gala’s honouree, US Treasury Secretary Janet Yellen.
But while Yellen highlighted several areas of cooperation – including anti-money-laundering and counter-narcotics – she signalled strongly she would not hold back in areas of disagreement between the two countries.
“The PRC deploys unfair economic practices, from non-market tools, to barriers to access for foreign firms, to coercive actions against American companies,” she said on Thursday, referring to the People’s Republic of China.
The US “cannot and will not compromise” on using economic tools to protect its national security and that of its allies, she said.
Chinese ambassador to the US Xie Feng directly spoke to such moves on Thursday, urging both sides to “keep business cooperation from being politicised”.
“The stabilising momentum in China-US relations should not be disrupted by domestic politics,” he said. “The US side used to call for letting the market decide.”
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But similar to Burns, Xie told the gathering of top business leaders that the relationship felt “warmer” now than when he first arrived in the US as ambassador in May.
He read out a letter from Xi, in which the Chinese president acknowledged his business audience by saying “there is huge potential, vast space, a promising future, for greater economic and trade cooperation between our two countries”.
“China will remain firmly committed to fostering a market-oriented, law-based and world-class business environment,” Xi said.
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Echoing Biden, Xi also noted that whether the two countries could work together concerned not only their two peoples but the “future of humanity”.
“Everyone in this room owes a debt to Henry Kissinger,” he said, calling the contemporary US-China relationship his “greatest achievement”.
