Chinese leader Xi Jinping came to California this week to meet with President Biden, but his primary goal was a more influential crowd – the CEOs of America’s top tech and financial companies. While Biden came away with a vague climate deal, a reopening of military channels and an unlikely promise to reduce the deadly fentanyl imports flooding our streets, CEOs such as Apple’s Tim Cook, Tesla’s Elon Musk, BlackRock’s Larry Fink and Blackstone’s Stephen Schwarzman paid their way to a handshake deal to keep making money in China, despite deep US reservations about Xi’s geo-political intentions. Xi himself came away the biggest winner, as his audience back home in China watched the business elite of the world’s most important market ignore their own government’s caution to rush to his side for favors.
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