Tesla Musk to increase business investment in China – Chinese Foreign Minister

BEIJING (AP) – Foreign minister of China met with the CEO of Tesla Ltd. Elon Musk on Tuesday and said the strained relationship between the United States and China requires “mutual respect,” while conveying a reassuring message that foreign companies are welcome.

Relations between the United States and China have been particularly strained after Washington shot down a hot air balloon that China used to gather intelligence and warned Beijing not to supply Russia with weapons in its war with Ukraine.

The Wall Street Journal reported that China had refused to request that the country’s defense minister meet with the US secretary of defense during the two people’s stay in Singapore over the weekend.

“We must keep the steering wheel on the right track of mutual respect, peaceful coexistence and win-win cooperation,” Qin Gang told Musk, according to a ministry statement. Both sides should “avoid ‘dangerous driving,'” Qin said. He did not give details on measures to improve relations.

Musk’s visit comes at a time when the ruling Communist Party is trying to spark investor interest in China’s slowing economy. Foreign companies are worried after attacks on consulting firms and due to strained relations between China and Washington.

Qin said China will “unceasingly promote a high degree of openness” and create a “market-oriented, rules-based and internationalized business environment”, according to the statement. “Development of China is an opportunity for global business.

The ministry quoted Qin as saying China’s electric vehicle market “has broad development prospects”. China accounts for half of global electric vehicle sales and is home to Tesla’s first factory outside the United States.

Tesla opened China’s first wholly foreign-owned auto factory in 2019 after Beijing eased ownership restrictions to increase competition and promote industry development.

The Chinese statement quoted Musk as saying that Tesla was willing to expand its business in China and was “opposed to decoupling”, alluding to concerns the world could be divided into many markets with incompatible products.
Tesla did not respond to an email requesting information about Musk’s China visit

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