China's Xi tells U.S. CEOs that bilateral relations can have a 'brighter future'

BEIJING — Chinese President Xi Jinping told U.S. executives on Wednesday that bilateral relations can improve, and pledged that Beijing would keep working to improve the business environment.

"Over the past couple of years, the China-U.S. relationship experienced some setbacks and serious challenges, from which lessons should be learned," an official English-language readout of Xi's remarks said. "The relationship cannot go back to the old days, but it can embrace a brighter future."

"China and the United States should help rather than hinder each other's development, both in traditional areas such as trade and agriculture, and in emerging areas such as climate change and artificial intelligence," the readout said.

Blackstone Chairman and CEO Stephen Schwarzman, Qualcomm President and CEO Cristiano Amon, National Committee on U.S.-China Relations Board of Directors Chair Evan G. Greenberg, Harvard's John F. Kennedy School of Government Founding Dean Graham Allison and President of the U.S.-China Business Council Craig Allen were among the attendees, according to the readout.

The U.S.-China Business Council said in a press release that it "was honored to be invited to and participate in the dialogue with President Xi to discuss our concerns over the decline in trade, investment, and business confidence, as well as our desire to help improve engagement and commercial exchange between our two countries."

The council said it emphasized the need for China to increase the role of consumption in the economy.

China set a target of around 5% growth this year. Authorities have made boosting industrial development a priority, while pushing forward with efforts to support consumption.

In the Chinese side's readout, Xi described China's