Stable US-China ties benefit the world, says US President Joe Biden to corporate leaders

Still Biden acknowledged the economic tensions between the two countries.

"We have real differences with Beijing when it comes to maintaining a fair and level playing field and protecting your intellectual property," he told the corporate leaders.

Biden and Xi met on Wednesday and announced the resumption of military-to-military communications and agreements to jointly combat fentanyl trafficking. After their meeting, Xi addressed another gathering of business executives at a dinner, where he told US attendees including Apple Inc. chief executive Tim Cook, BlackRock Inc.’s Larry Fink and Stephen Schwarzman of Blackstone Inc. that China hoped to be "a partner and a friend."

Similarly, Biden sought to use the forum to encourage US business leaders to step up their investments in the Asia-Pacific, saying it would help bring peace and stability to the region.

"America’s enduring commitment to the region has been a springboard - it’s enabled growth, transformative growth, ensured the open flow of commerce, lifted millions of people out of poverty," Biden said.

Biden cited his recent visit to Vietnam and efforts to increase US engagement with Pacific island nations who have bristled at what they say is American neglect of the region as China looks to expand its economic influence.

The US president noted that companies based in other APEC economies had invested more than $200 billion into the US since the start of his administration, lured in part by green energy and semiconductor tax credits included in some of Biden’s signature economic programs.

US companies have invested $40 billion in APEC economies in 2023, according to the White House, and 60% of American exports flow to fellow APEC members.

The US president also used the forum to push the importance of workers’ rights, dovetailing with his domestic support of unions amid a string of high-profile strikes in the automobile, healthcare, and entertainment industries.

But Biden’s plans to unveil parts of a regional trade pact later in the day were scuttled after Democratic lawmakers —including Senator Sherrod Brown of Ohio — objected, saying the agreement lacked enforceable labor standards.

Deputy national security adviser Mike Pyle said negotiations on the Indo-Pacific Economic Framework’s trade pillar would "continue in the weeks and months ahead."

Biden said the administration was committed to securing protections for workers in any trade deal.

"We have upheld our commitment to unions," Biden said. "Each of the framework pillars includes strong pro labor outcomes."