The trip is intended by Washington to be a major step toward what President Joe Biden has called a "thaw" in relations between the world's two largest economies

The US banking giant's pledge comes even as most foreign businesses have remained reluctant to commit to growing their China business amid increasing Sino-US tensions

Before travelling to China, US CEOs have particularly been seeking advice about how Beijing's expansion of its counter-espionage law could affect them

"De-dollarisation is evident in FX reserves where [the dollar's] share has declined to a record as share in exports declined but is still emerging in commodities," the US bank noted

The Nasdaq Golden Dragon China Index of New York-listed mainland companies, consisting mainly of internet giants such as Alibaba Group, Baidu.com and JD.com, lost 5.6% this month

Foreign firms saw their profits slide 16.2% in January-April from a year earlier, while private-sector firms recorded a 22.5% plunge

As the impact of charges levelled against consultancy firm Capvision reverberates across the industry, some consultants in China are now scrambling to reduce risk

The reading marked the first contraction in China’s industry since January when an abrupt exit from zero-Covid policies sparked a wave of infections across the country

The move comes amid repeated warnings from Chinese officials of a severe and complicated situation for foreign trade as export orders plunge

"This year will be the hardest for us," said one of the exporters at the trade event, expressing concerns about the weak global economy hurting business

Major Chinese cities have seen a rebound in home sales over the past month, as pent-up demand was unleashed after the roll back of stringent Covid curbs

April could see a good recovery in sales growth thanks to a low base in the corresponding period last year when China imposed strict Covid-19 lockdowns