China's President Xi Jinping in Beijing on April 6, 2023. (Ludovic Marin/AFP via Getty Images/TNS)

Chinese President Xi Jinping is set to attend a dinner with top U.S. business executives when he visits San Francisco for the Asia-Pacific Economic Cooperation summit next week, according to people familiar with the matter.

Hundreds of people are expected to attend the dinner, including chief executive officers of major U.S. companies, said the people, who asked not to be identified as they aren’t authorized to speak about it.

The U.S. and China have been working to stabilize relations this year. Officials from both nations — including U.S. Treasury Secretary Janet Yellen, Secretary of State Antony Blinken and Chinese Foreign Minister Wang Yi — have been traveling to meet their counterparts in recent months to help lay the groundwork for the expected meeting between President Joe Biden and Xi Jinping at the APEC summit.

High on the list of priorities for Xi during his U.S. visit is calming foreign investors. Recent surveys show Western executives in China are increasingly nervous about doing business there, due to a growing list of headaches ranging from geopolitical tensions and a slowing economy to detention of employees.

No ‘Autopilot’

Chinese officials have already this year hosted some prominent U.S. CEOs including JP Morgan Chase’s Jamie Dimon, Tesla’s Elon Musk and Apple’s Tim Cook.

Before the APEC leaders’ meeting, a CEO summit will be held Nov. 14-16 featuring speakers including the head of ExxonMobil Darren Woods, Pfizer CEO Albert Bourla and Microsoft chief Satya Nadella. A gala reception is set for Nov. 15.

China’s State Council Information Office didn’t immediately respond to a request for comment.

China hasn’t announced Xi’s attendance at APEC, though the White House has said the leaders of the world’s two largest economies will meet. Last month, Wang said the two nations cannot rely on “autopilot” to achieve a meeting.

Biden and Xi last met at the Group of 20 summit in Bali a year ago, but an agreement to improve ties was derailed when a suspected Chinese spy balloon flew over the U.S. Both sides have reasons now to reduce the turbulence: Biden is seeking stability as he gears up for an election next year, while China wants to attract more foreign investment to reinvigorate its slowing economy.

The two countries have been stepping up talks on a number of issues ahead of the leaders’ meeting, including on climate cooperation, nuclear arms control and maritime issues. Secretary of Defense Lloyd Austin is looking to meet his Chinese counterpart this month, even though the Chinese position is vacant after the previous minister, Li Shangfu, was ousted last month.

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(With assistance from Lucille Liu.)