On his maiden State Visit to the US aimed at allaying concerns over faltering Chinese economy, President Xi Jinping on Tuesday left for America, coinciding with that of Prime Minister Narendra Modi's trip during which the two Asian leaders will vie for investments and influence in their contrasting styles.
While the US and Chinese officials will examine thorny issues ranging from cybersecurity to the South China Sea, Xi's main mission will be to reassure investors that the world's second largest economy is stable and open for business.
Ahead of Xi's visit, Premier li Keqiang on Monday said China aims to develop open and transparent capital markets and there was no basis for continued currency depreciation.
“We will actively nurture capital markets that are open, transparent and stable in the long term,” Hong Kong-based South China Morning Post quoted li as telling visiting British Finance Minister George Osborne, allaying fears over the recent devaluation of the Chinese economy.
The four per cent depreciation of Chinese currency Yuan last month shook the world markets, prompting the US to put off plans to rise interest rates. Xi kicks off his visit in Seattle where he would address a meeting of 30 CEOs of top US and Chinese business houses.
Microsoft's Satya Nadella, Pepsi's Indra Nooyi, top US business tycoon Warren Buffet, Apple CEO Tim Cook were among the leaders of business houses tipped to attend the meeting.
Modi too is scheduled to meet over 50 CEOs of Fortune 500 companies over dinner hosted in New York on September 24.