Xi has previously said China needs to seize opportunities to use AI to drive economic development, but has also cautioned about its risks

The investment, in a chip packaging facility in the Chinese city of Xian, will include buying packaging equipment from a Xian-based subsidiary of Taiwan's Powertech Technology

"I think we gain and China gains from trade and investment that is as open as possible, and it would be disastrous for us to attempt to decouple from China," US treasury secretary Janet Yellen said

The China-owned short video app was used by 20% of 18-to 24-year-olds for news, up five percentage points from last year

The move will allow the chipmakers, which include Samsung, SK Hynix and TSMC, to continue to import US chipmaking tools to China for use in their existing fabs in the country

South Korean president Yoon Suk Yeol vowed to support the South Korean chip sector in the face of heightened tensions between China and the United States

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

China hawks in Washington blame US investors for transferring capital and valuable know-how to Chinese tech companies that could help advance Beijing's military

Musk is expected to meet several senior Chinese officials and visit Tesla's Shanghai plant later in the week

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