Tech titans could meet Chinese President Xi Jinping amid retaliation | Clayton News Street Partners Content
China and the United States are engaged in a technological duel, with each side raising the stakes.
Fears that U.S. companies are too reliant on China as a supplier have led many companies, including Apple, to consider diversifying into other countries. And fear that the use of non-national next-generation technologies, such as artificial intelligence, could expose individual countries to risk has led to restrictions on both sides.
Last year, China reportedly asked the government and public buyers to avoid Apple iPhones for those manufactured domestically by Xiaomi and Honor. At the same time, the United States has adopted restrictions to limit the sale of high-end technologies, including AI chips and semiconductor equipment, to Chinese buyers.
More recently, it appears that Chinese rules will phase out the use of other semiconductor chips from major U.S. companies like AMD and Intel in order to boost the use of its domestic chipmakers.
Technology tensions between China and the United States rise
Tech tensions cast a shadow over China's attempts to revive foreign investment, which has slowed, and over last weekend's high-profile China Development Forum, a conference attended by many of the world's largest business leaders around the world.
Perhaps, to reshape the discourse, Chinese President Xi Jinping would have issued an invitation on Wednesday to meet certain CEOs, forcing them to readjust their travel plans.
Business leaders flirt outrageously in hopes of gaining greater access to their products, all the while fearing the disapproving glance over their shoulders from their U.S. government chaperones, said Alex Frew McMillan, TheStreet pro. Wednesday's corporate meeting with Xi, if it goes ahead, would provide unparalleled access to the top decision-maker running Chinese politics.
One of the key messages to business leaders at the forum was that the country's economy is still open for business. McMillan points out that foreign direct investment in China fell by 8% last year.
The impromptu meeting appeared to reverse an earlier management decision to skip a formal meeting with C-suite executives.
The Chinese premier usually headlines the forum and gives a briefing to international CEOs at the end of the event, a rare opportunity for executives to mingle with policymakers. But current Premier Li Qiang, who gave the opening speech, did not hold that meeting this year, McMillan said.
The stakes for American technology companies (and their investors) are high.
There is little to lose for service businesses such as financial institutions or restaurant chains in terms of petitioning for greater access to the Chinese market, McMillan said. But for tech companies such as Broadcom, whose CEO Hock Tan is among the forum's delegates, the terrain is tougher and the politics harder to navigate.
Apple's sales are down in China, but the company still took home nearly $21 billion in revenue there in the fourth quarter. China accounts for about a third of Broadcoms' sales. This represents approximately 25% and 15% of Micron's revenue. (IN) and advanced micro-devices (AMD) .
It is unclear whether the executives of these companies have received an invitation and, if so, whether the conversation will be friendlier than what has been publicly reported regarding technology restrictions.
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