Global Courant 2023-05-31 17:04:49
China accounts for half of global electric vehicle sales and is the site of Tesla’s first manufacturing plant outside the United States.
Tesla CEO Elon Musk has met with top ministers in China to discuss the development of electric and “intelligently networked” vehicles, as well as expanding the automaker’s operations in the communist country.
The spry American tycoon, one of the world’s richest men, is on his first trip to China in more than three years. He met with Commerce Minister Wang Wentao on Wednesday and praised “the vitality and potential of China’s development,” according to a reading from the ministry.
Musk “expressed full confidence in the Chinese market and was willing to further deepen mutually beneficial cooperation,” the ministry said. “China-US relations are not a zero-sum game,” Musk said.
China accounts for half of global electric vehicle sales and is the site of Tesla’s first manufacturing plant outside the United States.
Tesla opened China’s first all-foreign car factory in 2019 after Beijing eased ownership restrictions to increase competition and accelerate the industry’s development.
In another meeting, Musk “exchanged views on the development of new energy vehicles and intelligent networked vehicles” with Industry Minister Jin Zhuanglong, his ministry said on its website.
The statement quoted Musk as saying Tesla was willing to expand its business in China and “opposes decoupling,” a reference to fears the world will split into multiple markets with incompatible products.
Musk is also the majority owner of the social media platform Twitter, access to which is blocked in China by the ruling Communist Party’s internet filters.
Restore investor interest
Musk joined a string of CEOs from global companies, including Apple Inc, who have met with cabinet officials or Prime Minister Li Qiang, China’s top economic official, on visits to the world’s second-largest economy this year following the lifting of pandemic controls blocked most travel into the country.
The Communist Party is trying to revive investor interest in China’s slowing economy and reassure companies weighed down by anti-monopoly and data security crackdowns, raids on consulting firms, and political and military tensions between the US and China.
On Tuesday, Foreign Minister Qin Gang told Musk that China will “unwaveringly promote high-level openness” and create a “market-oriented, law-based and internationalized business environment,” according to a government statement.
“China’s development is an opportunity for the world,” it said.
Li delivered a similar reassuring message in March during meetings with Apple CEOs Tim Cook, Albert Bourla of Pfizer, Jakob Stausholm of Rio Tinto and Toshiaki Higashihara of Hitachi.
‘Yell at each other’
Meanwhile, the CEO of the largest US bank said the disputes between Beijing and Washington over security and free and fair trade issues are all “solvable” and favors East-West “risk reduction” rather than decoupling.
Jamie Dimon, CEO of JPMorgan Chase & Co, said on Wednesday that the US and China need “real engagement” to resolve their vexing security and trade issues.
“You’re not going to solve these things if you’re just sitting across the Pacific yelling at each other,” Dimon said, answering a question about Sino-American decoupling at a three-day JPMorgan Global China Summit in Shanghai.
“I like that Janet Yellen, Secretary of the Treasury; Chairman (Joe) Biden; the national security adviser; and the Secretary of State have talked about reducing risk,” he said. “Let’s not try to disconnect. Let’s not try to hurt China, the Chinese people.”
Dimon is on his first visit to China since he joked in 2021 that JPMorgan will survive the Chinese Communist Party, sparking outrage in China and prompting him to express regret.
