BEIJING US Secretary of State Antony Blinken met Chinese President Xi Jinping on Monday afternoon, wrapping up his two-day trip to Beijing aimed at improving frayed ties between the two superpowers.
During the meeting at the cavernous Great Hall of The People, Mr Xi, who sat at the head of a large meeting table, told Mr Blinken that it was very good that both sides have reached an agreement on specific issues.
The two sides have had candid and in-depth discussions, Mr Xi said at the start of the meeting in comments broadcast on Chinese state television.
State-to-state interactions should always be based on mutual respect and sincerity, Mr Xi said. I hope that through this visit… you will make more positive contributions to stabilising China-US relations.
The meeting was the first time a US secretary of state has met the Chinese leader since 2018, and it could help to facilitate a summit between Mr Xi and US President Joe Biden later in the year.
During the meeting, Mr Xi repeatedly emphasised that there is room for both China and the US to prosper, and that the Beijing-Washington relation has a bearing on the future and destiny of mankind.
Both countries should properly handle bilateral relations with an attitude of being responsible to history, their citizens, and the world, contribute to global peace and development, and inject stability, certainty, and constructiveness in a turbulent world, he said in comments published on Chinese state media.
China always hopes that China-US relations will be healthy and stable, and believes that the two major countries can overcome all difficulties and find the correct way to get along with each other, featuring mutual respect, peaceful coexistence, and win-win cooperation, he said, adding that neither side can shape the other.
Earlier on Monday, Mr Blinken met Chinas top diplomat Wang Yi, who said that US-China relations have reached a critical point where a choice has to be made between cooperation and conflict.
In a meeting lasting three hours, Mr Wang, who ranks above Foreign Minister Qin Gang, blamed strained ties on the United States holding an erroneous perception of China, and urged Washington to stop thinking that a strong country must be hegemonic.
The two men met on Monday morning at the Diaoyutai State Guesthouse where Chinese leaders host foreign dignitaries, in a meeting aimed at improving already frayed relations that plummeted further when the US in February shot down an alleged Chinese spy balloon that floated into American airspace.
The row erupted just before Mr Blinkens planned trip to Beijing that month, forcing him to postpone a much-needed visit to mend ties.
A Foreign Ministry statement on Monday quoted Mr Wang telling Mr Blinken that the US should reflect deeply and work with Beijing to manage differences.
The trough in Sino-US relations is rooted in the US erroneous perception of China, which leads to wrong policies towards China, said Mr Wang, who is director of the Communist Party of China Central Committee Foreign Affairs Commission.
Mr Blinken is the most senior US official to visit China since Mr Biden took office. US Secretary of State Antony Blinken (second from left) at a meeting with top Chinese diplomat Wang Yi (second from right) at the Diaoyutai State Guesthouse in Beijing on June 19. PHOTO: REUTERS Beijing has described ties as being in their worst state since diplomatic ties were established more than four decades ago.
Mr Wangs comments echo those made by Mr Qin on Sunday during a meeting with Mr Blinken that went on for more than five hours.
The Sunday talks were candid, substantive and constructive, said a statement from the US State Department, which added that Mr Blinken had told Mr Qin that Washington does not wish to decouple from China.
The Secretary emphasised the importance of diplomacy and maintaining open channels of communication across the full range of issues to reduce the risk of misperception and miscalculation, said State Department spokesman Matthew Miller.
Both sides had committed to stabilising relations and to prevent competition from veering into conflict. More On This Topic China calls on US to meet it halfway amid frosty ties Low hopes for US-China breakthrough on Blinken visit Calling on Washington to meet Beijing halfway to improve ties, Mr Qin also reiterated that Taiwan is the most consequential issue and the most pronounced risk in bilateral relations, according to a Chinese Foreign Ministry statement on the Sunday meeting.
Beijing views the self-ruling island as its territory that has to be reunified with it, whereas the US is committed to helping Taiwan defend itself in case of an invasion.
Mr Wang, in his Monday meeting with Mr Blinken, also restated Chinas red line over Taiwan, warning the US that China has no room for compromise or concession.
Mr Wang also protested against US sanctions against China and what he said was a suppression of its technological development. US Secretary of State Antony Blinken (left) meeting Chinas top diplomat Wang Yi at the Diaoyutai State Guesthouse in Beijing on June 19, 2023. PHOTO: AFP Besides Taiwan and the ongoing tech rivalry that has seen the US restrict Chinese access to advanced semiconductor chips and manufacturing equipment, Beijing and Washington disagree on a wide range of other issues, including trade.
This has kept expectations of any deliverables from Mr Blinkens visit low.
Last November, Mr Biden and M Xi held a long-awaited face-to-face meeting on the sidelines of a Group of 20 summit on the Indonesian island of Bali, engaging in talks on Taiwan and North Korea. They also pledged more frequent communication between Washington and Beijing.
There are hopes that Mr Blinkens visit will help reset bilateral relations to be more constructive, rather than the confrontational stance seen in recent months. Remote video URL More On This Topic Enough channels of communication, but insufficient political will to resolve China-US conflict: Cui Tiankai The risks of US and China talking past each other Your browser does not support iframes, but you can use the following link: Link
Zohran Mamdani calls himself “Donald Trump’s worst nightmare”. They are the words of a man living the dream.
It’s because the 34-year-old is the headline act in Tuesday’s referendum on Trump 2.0. A statement night in US politics, as Americans – some, at least – deliver a verdict on what they’ve seen so far.
Of four electoral contests across the US – including in California, New Jersey and Virginia – the race to be New York mayor is the most compulsive and consequential.
The polls have Mamdani, the Democratic nominee, as the frontrunner. If he wins, it would signify big change in the Big Apple.
Born in Uganda to Indian parents (he moved to the US aged seven), Mamdani would become New York’s first Muslim mayor.
He is a democratic socialist whose supporters will see victory as laying down a template for taking on Trump, even if the party’s old guard is sceptical.
An effective campaign has focused on the costs and quality of life in New York, promising universal childcare, a rent freeze, free bus travel and grocery shops run by the city.
Image: Progressives Bernie Sanders and Alexandra Ocasio-Cortez have endorsed Mamdani. Pic: Andrea Renault/STAR MAX/IPx/AP
So why is he controversial?
The message has resonated with New Yorkers squeezed on affordability, but his payment plan is open to question.
Mamdani plans to raise $9bn by raising taxes on the wealthy and on corporations, but he would face a struggle to gain the necessary consent of the New York State legislature and governor.
Mamdani’s politics are pegged to the “progressive” left wing of his party, and his campaign success plays into the Democrats’ quandary around a longer-term comeback strategy.
The politics that succeed in New York don’t necessarily resonate nationwide, and a party establishment has been reluctant to embrace Mamdani.
Democrat Chuck Schumer, Senate minority leader, has declined to endorse him at all.
Party management aside, he won’t have been impressed when Mamdani was arrested outside Schumer’s Brooklyn home as part of a 2023 protest calling for a ceasefire following Hamas’ October 7th attack on Israel.
Mamdani has been a staunch critic of Israel and, in the past, has advocated defunding the police, decriminalising prostitution and closing New York City jails.
Image: Mamdani was at the White House to announce a hunger strike demanding a permanent ceasefire between Israel and Gaza in November 2023. Pic: AP
His background and Islamic faith are threaded through opposition attacks. He has been criticised for refusing to denounce the phrase “globalise the intifada”, used by pro-Palestinian activists.
Subsequently, he said he would “discourage” the term and would combat antisemitism through actions as well as words.
It hasn’t stopped his Republican rival, Curtis Sliwa, claiming Mamdani supported “global jihad”.
Andrew Cuomo, running as an independent after losing the Democratic primary to Mamdani, has labelled him “the most divisive candidate I have ever experienced in New York”.
The president, who falsely labels Mamdani a communist, said on Truth Social on the eve of the election: “Whether you personally like Andrew Cuomo or not, you really have no choice.
“You must vote for him, and hope he does a fantastic job. He is capable of it, Mamdani is not!”
At a rally the same night, Mamdani fired back to say: “The MAGA movement’s embrace of Andrew Cuomo is reflective of Donald Trump’s understanding that this would be the best mayor for him.
“Not the best mayor for New York City, not the best mayor for New Yorkers, but the best mayor for Donald Trump and his administration.”
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The Republican spin on the prospect of a Mamdani victory is that it would reflect a move towards radical extremism by the Democratic Party.
Trump has even suggested he may withhold federal funds from New York if Mamdani wins.
In time, Democrats would need to interpret and apply the lessons of a Mamdani victory. But more than anything else, they need a win to feel a pulse in a party undergoing an identity crisis.
Image: During the primaries, Mamdani held a news conference outside Cuomo’s apartment in March. Pic: zz/Andrea Renault/STAR MAX/IPx
One battle after another
The same applies to Tuesday contests for governor in New Jersey and Virginia, fascinating in terms of the vote winners and vote breakdown.
What will be the verdict, nine months in, of people who turned to Trump at the last election? Will he hold onto the Latino vote, given his immigration policy, ICE raids, and other orders?
In California, Tuesday sees a redistricting vote to counter Republican gerrymandering elsewhere. If backed by the public, the plan will increase the number of winnable Democratic seats in the House of Representatives.
Donald Trump sits down for an interview with CBS’ 60 Minutes – the programme he sued successfully for $16m just four months ago.
All the while, his poll numbers are at an all-time low due to the government shutdown, as hundreds of thousands of federal workers remain unpaid and food benefits for millions of people run out.
And is this the week the real Democrats stand up? Their favourability numbers are also dire, but will the emergence of a firebrand left-wing mayor in New York City, in the shape of Zohran Mamdani, and a handful of positive off-year election results on Tuesday be the spark they desperately need to counter Trump’s MAGA agenda?
HONG KONG, CHINA – 2025/03/01: In this photo illustration, Artificial intelligence (AI) apps of perplexity, DeepSeek and ChatGPT are seen on a smartphone screen.
Sopa Images | Lightrocket | Getty Images
As companies pour billions into artificial intelligence, HSBC CEO Georges Elhedery on Tuesday warned of a mismatch between investments and revenues.
Speaking at the Global Financial Leaders’ Investment Summit in Hong Kong, Elhedery said the scale of investment poses a conundrum for companies: while the computing power for AI is essential, current revenue profiles may not justify such massive spending.
Morgan Stanley in July estimated that over the next five years, global data center capacity would grow six times, with data centers and their hardware alone costing $3 trillion by the end of 2028.
McKinsey said in a report in April that by 2030, data centers equipped to handle AI processing loads would require $5.2 trillion in capital expenditure to keep up with compute demand, while the capex for those powering traditional IT applications is forecast at $1.5 trillion.
Elhedery said that consumers were not ready to pay for it, and businesses will be cautious as productivity benefits will not materialize in a year or two.
“These are like five year trends, and therefore the ramp up means that we will start seeing real revenue benefits and real readiness to pay for it, probably later than than the expectations of investors,” he said.
William Ford, chairman and CEO of General Atlantic, speaking at the same panel, agreed: “In the long term, you’re going to create a whole new set of industries and applications, and there will be a productivity payoff, but that’s a 10-, 20-year play.”
OpenAI, which set off the AI frenzy with the launch of ChatGPT in November 2022, has announced roughly $1 trillion worth of infrastructure deals with partners including Nvidia, Oracle and Broadcom.
Ford said that the huge expenditure that is going into the sector shows that people recognize the long-term impact of AI. This sector, however, will be capital-intensive initially, he said adding that “you need to, sort of, pay up front for the opportunity that’s going to come down the road.”
Ford warned there could be “misallocation of capital, destruction, overvaluation… [and] irrational exuberance” in the initial stages, and also added that it can be difficult to pick winners and losers at the moment.
“You’re really betting on this being a broad based technology, more like railroads or electricity, that had profound impacts over over time, and reshaped the economy, but were very hard to predict exactly how in the first few years.”