Bill Gross warns on gold momentum as regional bank stocks tumble
Investing.com -- China’s top diplomat Wang Yi met with Blackstone Group Chairman and CEO Stephen Schwarzman in Beijing on Thursday, emphasizing the need for peaceful coexistence between the world’s two largest economies amid escalating trade tensions.
Wang, a member of the Political Bureau of the CPC Central Committee and Director of the Foreign Affairs Office, praised Schwarzman for his contributions to promoting bilateral relations and people-to-people exchanges between China and the United States.
During the meeting, Wang stressed that China-US relations represent "the most important bilateral relationship in the world today" and that "decoupling and severing ties are not realistic and rational options." He called for equality, respect, and mutual benefit as the correct approach for engagement.
The meeting comes at a time of heightened trade friction, with China recently expanding its rare earth export controls, prompting top U.S. officials to criticize the move as a threat to global supply chains. China has rejected U.S. calls to roll back these restrictions and accused Washington of stoking panic over the controls.
Market sentiment was further dampened last week when President Donald Trump threatened to cancel a planned U.S.-China meeting and impose additional 100% tariffs on Chinese goods.
Schwarzman acknowledged that U.S.-China relations are of global concern and expressed hope that both sides would strengthen communication and eliminate misunderstandings to promote mutual development and prosperity.