In a significant diplomatic move aiming to strengthen ties between the United States and China, a delegation of prominent US business leaders, including MGM Resorts CEO and President Bill Hornbuckle, convened with Chinese President Xi Jinping in Beijing on Wednesday.
The meeting, held in the East Hall of the Great Hall of the People, marked a pivotal moment in international relations, signaling efforts to bolster foreign investment in China amidst an economic slowdown. Last year saw an 8% drop in foreign direct investment into China, prompting Beijing to actively court back overseas investors.
Among the distinguished US delegation were notable figures such as Blackstone Group CEO Stephen Schwarzman, Bloomberg Chairman Mark Carney, Qualcomm CEO Cristiano Amon, FedEx Chairman and CEO Raj Subramaniam, and Chubb CEO Evan Greenberg. Also present were Stephen Orlins, President of the National Committee on US-China Relations, and Craig Allen, President of the US-China Business Council, among others.
During the 90-minute meeting, President Xi emphasized the importance of exchange and cooperation between China and the US, highlighting the mutual benefits of cultural integration and collaboration. He underscored the historic ties between the two nations and called for increased engagement and cooperation across sectors.
The presence of Bill Hornbuckle among the esteemed US delegation is particularly notable, symbolizing Beijing’s positive stance towards Macau, where MGM operates two integrated resorts, and its broader investments in mainland China. MGM’s ventures in China extend beyond gaming, with a joint venture, Diaoyutai MGM Hospitality, operating hotels in several cities, including Shanghai, Chengdu, and Nanjing, with plans for further expansion.
In response to inquiries, Hornbuckle expressed pride in MGM’s role in fostering US-China relations through increased bilateral travel and tourism.
Hornbuckle said: “US-China travel fosters not just trade and economic ties, but personal and cultural ties that lead to greater mutual understanding and respect. MGM Resorts has been proud of our role in supporting US-China relations through increased bilateral travel and tourism. I was honored to be part of the meeting convened by President Xi to discuss how to use these ties to strengthen the US-China relationship.”
Meanwhile, President Xi assured the US CEOs of China’s commitment to ongoing reforms and emphasized the country’s bright growth prospects despite concerns about oversupply and economic challenges. The meeting coincided with the China Development Forum, a key annual business conference in Beijing.