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Elon Musk Takes Part in China Event Led by Xi Cooperation Pledge

Added 09-26-21 12:04:02am EST - “(Bloomberg) -- Tesla Inc. Chief Executive Officer Elon Musk spoke at the opening of China's World Internet Conference, an annual showcase taking place against a backdrop of unprecedented economic turbulence.Most Read from BloombergHow…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Elon Musk Takes Part in China Event Led by Xi Cooperation Pledge”. Below is an excerpt from the article.

(Bloomberg) -- Tesla Inc. Chief Executive Officer Elon Musk spoke at the opening of China’s World Internet Conference, an annual showcase taking place against a backdrop of unprecedented economic turbulence.

The Sunday summit was opened by President Xi Jinping’s promise that China will work with all countries to create a vibrant digital economy and improve supervision effectiveness, in remarks delivered by Vice Premier Liu He. Hosted in the artificial water-town of Wuzhen, this is the eighth edition of a series that Xi launched with much fanfare in 2014 to mark the globalization of China’s internet sphere.

Also participating in the event via teleconference were Pat Gelsinger, the recently appointed CEO of Intel Corp., and Cristiano Amon, who stepped into the top role at Qualcomm Inc. this summer. The inclusion of these U.S. business leaders alongside domestic firms like Alibaba Group Holding Ltd. and Xiaomi Corp. may restore some sense of normalcy in the midst of an 11-month campaign to rein in the power of big tech.

Tesla is pleased to join and support China’s digital economy, Musk said on a video call. The company already hosts all its China user data locally and is looking forward to the economic transformation that will be brought about by self-driving cars, the CEO added. Qualcomm’s Amon commended the speed of China’s 5G rollout and the many relationships his company has cultivated with local device makers, urging U.S. and Chinese companies to work together more.

This collaborative international tone was in contrast to the great domestic upheaval for China’s internet firms. From Jack Ma’s Alibaba and Ant Group Co. to Tencent Holdings Ltd. and Didi Global Inc., the biggest tech companies have weathered a series of crackdowns that expanded from online commerce to gaming, entertainment and online finance. All are dealing with heightened uncertainty as Beijing takes steps to rein in unruly internet spheres and nudge its youth toward more productive pastimes. Tech billionaires from Ma to Meituan founder Wang Xing and Didi’s Cheng Wei have been put on notice, as a raft of edicts wipe out chunks of their fortunes on markets and regulators warn others against speaking out.

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