Elon Musk and other CEOs from leading companies are converging in San Francisco for the Asia-Pacific Economic Cooperation (APEC) summit, aiming to strengthen their ties with communist China.
The Financial Post reports that San Francisco is currently the center of a major gathering of global business leaders, including Tesla and SpaceX CEO Elon Musk, as the Asia-Pacific Economic Cooperation (APEC) summit begins. This gathering of CEOs from companies like Microsoft, Citigroup, and Exxon Mobil occurs against the backdrop of a tense and complex U.S.-China trade environment.
SHANGHAI, Jan. 7, 2020 — Tesla CEO Elon Musk poses with Tesla China-made Model 3 vehicle owners during a ceremony in Shanghai, east China, Jan. 7, 2020. (Photo by Ding Ting/Xinhua via Getty)
The main agenda for these corporate leaders is clear: strengthening business ties with communist China. This goal is particularly pressing given the current trade challenges, marked by U.S. efforts to restrict China’s access to high-end computer chips and Beijing’s countermeasures, such as boosting its chip industry and promoting local products. The summit provides a rare opportunity for these executives to directly engage with China’s Xi Jinping, presenting a chance to discuss concerns and ambitions in a more personal setting.
Elon Musk is among the high-profile attendees. Musk’s participation highlights the significance of this event, as his companies have substantial interests in China. This summit is not just a meeting of minds but also an opportunity for direct dialogue with Chinese leadership, a major focus as business leaders attempt to navigate the regulations, tariffs, and export controls that currently define U.S.-China trade relations.
Breitbart News has extensively reported on Musk’s deep ties to the communist government of China, including his recent pledge to uphold “cold socialist values:”
The Financial Times reports that Elon Musk’s Tesla and its Chinese rivals have vowed to uphold “core socialist values” and compete fairly in China’s expanding auto market. This pledge is in response to a directive from Beijing that aims to end a protracted price war that has been upsetting the sector. Tesla has cut prices multiple times in China over the past year.
16 manufacturers signed the letter of commitment on Thursday at a motor industry conference in Shanghai, including Tesla and its biggest Chinese rival BYD. Following Tesla’s price cuts on its Model 3 and Model Y cars last October in response to escalating domestic competition, there was a price war among electric vehicle manufacturers. The main beneficiaries of this price war have been Tesla and Warren Buffett-backed BYD, both of which reported record sales in the second quarter.
Dan Prud’homme, an assistant professor of business at Florida International University, commented on the presence of the Chinese president stating: “If Xi is going to meet these business leaders at this summit, they’ll be looking for signals that the U.S.-China relationship is thawing.”
The APEC summit is not just about discussions and negotiations, it’s also a platform for showcasing visions and strategies for the future. Musk is set to join Salesforce CEO Marc Benioff in a session titled “Conversations on the Future,” emphasizing the progressive focus of the summit. Meanwhile, Exxon CEO Darren Woods plans to deliver a speech focusing on the supposed climate challenge.
Read more at the Financial Post here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship.