scorecardElon Musk told officials in Beijing that he is opposed to the US and China breaking down economic ties
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Elon Musk told officials in Beijing that he is opposed to the US and China breaking down economic ties

Jennifer Sor   

Elon Musk told officials in Beijing that he is opposed to the US and China breaking down economic ties
Stock Market2 min read
Elon Musk's company seems to have found its biggest fans in China.    Getty Images
  • Elon Musk told Beijing officials that he's against the US and China decoupling their economies.
  • In a visit to the country, he described the US and China as "conjoined twins," per a statement from China's foreign ministry.

Elon Musk told officials in Beijing that he's opposed to the US and China weakening economic ties, according to the Chinese Foreign Ministry.

The Tesla CEO reportedly expressed his disapproval of China and the US decoupling economically, while meeting China's foreign, commerce, and industry ministers.

"The interests of the United States and China are intertwined like conjoined twins," Musk was quoted saying in a ministry statement on Wednesday.

China's foreign minister Qin Gang, meanwhile, told Musk that both countries needed to "keep the steering wheel in the right direction" in their relationship, emphasizing "mutual respect" and "win-win cooperation."

"China always welcomes business figures from all countries, including Mr. Musk, to visit China for a deeper understanding of the country and mutually beneficial cooperation," a foreign ministry spokesperson said at a press conference on Tuesday. "We welcome foreign companies to invest and do business in China, explore the Chinese market and share in development opportunities.

Musk's private jet landed in Beijing on Tuesday, marking the billionaire's first visit to China in nearly three years. That comes as US-China tensions reach a potential breaking point, with Chinese officials expressing fury in recent months over US politicians' show of support for Taiwan and Congress's heated questioning of TikTok's CEO over security concerns.

US lawmakers are reportedly considering limits on US investment in Chinese firms, which caused China to suggest it could retaliate if its companies continue to face harsh treatment in the US.

Fraying economic ties between the two countries could be a major worry for firms like Tesla, which has key production and manufacturing plants in China that help it keep production costs low.

But Musk's visit so far has largely been welcomed with open arms, both by Chinese officials and industry figures. Later on Tuesday, Musk shared a 16-course feast with one of China's top battery executives, with his menu at the restaurant customized with a Tesla logo, Reuters reported.

Tesla has floated creating a new battery factory in Shanghai, and Musk is expected to visit Tesla's existing Shanghai production plant later in his trip. That visit will be particularly important to Tesla investors, Wedbush analysts said, as the plant represents one of Tesla's "key advantages" while it battles other competitors in the EV market.




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