China’s Xi Draws Standing Ovation From U.S. Business Leaders—and Some Doubts

Foreign capital is fleeing China. Yet on his first trip to the U.S. in six years, Chinese leader Xi Jinping didn’t make a pitch to win back American businesses and investors.

Instead, at a Wednesday evening dinner with U.S. corporate chiefs and other guests, Xi sought to enlist American corporations’ help in easing bilateral tensions, emphasizing the room for both nations to work together—a theme of his meeting with President Biden earlier in the day.

To the business leaders, Xi said, “China is pursuing high-quality development, and the United States is revitalizing its economy,” while adding: “There is plenty of room for our cooperation.”