The state dinner Wednesday night for Chinese President Hu Jintao was heavy on corporate executives. Among those in attendance: General Electric Co. chief executive Jeff Immelt. Microsoft CEO Steven Ballmer, John Chen, chairman, CEO and president of Sybase. Chen is also the chair of the Committee of 100, the group of influential Chinese-Americans. MGM Resorts International CEO Jim Murren. The Associated Press reports that "the Las Vegas-based casino company has joint ownership of casino in Macau, the Chinese gambling enclave. MGM Resorts also has deals to build and manage nongambling hotels in China under its hospitality division." Intel CEO Paul Otellini. Bank of America CEO Brian Moynihan. Morgan Stanley CEO James Gorman. JPMorgan Chase & Co.CEO Jamie Dimon. Lloyd Blankfein of Goldman Sachs Group Inc. John Thornton, chairman of HSBC Holdings Plc's North American division. American Express CEO Ken Chenault. David Rubenstein, co-founder and managing director of Carlyle Group. W. James McNerney, CEO of the Boeing Company. Dow Chemical Co. CEO Andrew Liveris.
Several of this country's most powerful corporate leaders met with Chinese President Hu Jintao and President Obama at the White House on Wednesday to discuss increasing U.S. exports to China in order to support more American jobs.
China has agreed to $45 billion in trade and investment contracts with U.S. companies and has made a series of other trade-related concessions, a senior White House official said Wednesday.
The Obama-Hu summit clearly has the commercial juices flowing, with some major deals already announced in advance of the Chinese President's visit. So what better time to buy a brontosaurus? At least that seems to be the thinking from one aggressive entrepreneur --apparently from China -- who emailed photos of his product line to a Washington Post reporter today in hopes of a "long-term cooperative relation." I personally think the old linotype machine at the Post's entrance is dinopsaur enough. We wouldn't want the metaphors to get out of hand.
While the White House is preparing festivities for Chinese President Hu Jintao's state visit this week, Congress has been less welcoming. Lawmakers are seizing on the visit to reraise long-standing concerns about currency manipulation and the impact on U.S. jobs. Some are seeking to sanction China for economic policies they see as unfair or even illegal.Senators Sherrod Brown (D-Ohio) and Olympia Snowe (R-Maine) and U.S. Senators Debbie Stabenow (D-Mich.), Charles Schumer (D-N.Y.) and Bob Casey (D-Pa.) have vowed to introduce legislation to address the currency issue.
General Electric Co. on Tuesday disclosed energy, aviation and rail projects with China valued at at least $2.1 billion in sales--the first of what is expected to be a number of megadeals announced during Chinese President Hu Jintao's state visit in Washington. Similar deals are in the works: Shanghai-based venture with Aviation Industries of China will handle the development and sale of all new integrated avionics systems for the two companies and the Chinese may buy Boeing Co. jets. Also, a Chinese trade mission in Houston signed $600 million in deals with U.S. companies.