There Will Always be Backchannels

Editor's note: What does "backchannel" mean? It means US corporations and corporations in China cannot risk a downward trajectory that would risk profits especially for US corporations like Apple. It also means the two countries would not be able to merge with China's technology unless backchannels were set in place the discussions of which Americans have no idea about.

Largest iPhone Factory Hires 100K Employees after Lockdown Scare
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Source: Zero Hedge

US-China Backchannel Forum To Halt "Downward Trajectory" In Ties Revealed

BY TYLER DURDEN | TUESDAY, NOV 22, 2022

A significant and unexpected new Wall Street Journal report has revealed that a few days prior to the Xi-Biden meeting last week at the G20 summit in Bali, the two countries embarked upon a private back-channel dialogue of top policy advisers and business executives in New York, which was approved by both governments.

The meeting was described by Retired Adm. Mike Mullen as seeking to prevent the continued "downward trajectory" in US-China relations "at a dangerous time." Beijing is relying on an American businessman described as an "old friend of China" with a long successful track record of positive dealings in China: insurance executive Maurice "Hank" Greenberg. "As the two great powers of the time, we need to try to turn this around," Mullen commented of the closed-door talks earlier this month.

Xinhua: Chinese Premier Li Keqiang shakes hands with Maurice R. "Hank" Greenberg during a meeting with overseas delegates attending the China Development Forum in Beijing in March 2016.

The 97-year old Greenberg, chief executive of insurance and investment firm C.V. Starr & Co. and former CEO of insurance giant American International Group Inc., is seen from Beijing as a trusted American intermediary symbolizing a time of better, more pragmatic-oriented business and trade policies between the two economic superpowers.

The WSJ underscores that a Chinese delegation of this caliber hasn't come to the US for dialogue since before the coronavirus pandemic. Greenberg has long been vocal as being in favor of deepened US engagement with China, having penned a July op-ed in the Journal arguing toward that end. In the piece, he called for renewed efforts to "re-establish a constructive bilateral dialogue."

That's when, per sources cited in the report, "Qin Gang, China's ambassador to Washington and a career diplomat deeply trusted by Mr. Xi, brought the piece to the Chinese leadership’s attention," and the delegation was readied to go to New York.

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When it comes to energy from gas and oil, everyone talks through backchannels:

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UK Bypassing its Own Sanctions on Russian Oil

Then there is this guy at Blackrock:

How Blackrock's Larry Fink Created the Global Energy Crisis