The state-run news agency Xinhua reported on Thursday that Chinese President Xi Jinping had written to Schultz urging the American billionaire and the global coffee giant he had run for years to improve economic and trade ties.
Xi’s letter was in response to a message from the American businessman.
According to a person familiar with the matter, Schultz recently sent a translated copy of the latest book, “From the Ground Up: A Journey to Reimagine the Promise of America,” to the Chinese president. The correspondence includes a letter to Xi, indicating Starbucks’ long-standing relationship with China and its employees there, the person added.
According to Xinhua, Xi suggested that Schultz and Starbucks (SBUX) “continues to play a positive role in fostering” relations between the two countries. Xi also stressed that China is further opening up to “businesses from around the world, including Starbucks and other U.S. companies,” the agency reported.
In a statement, Schultz said it was a “great honor” to receive a response from Xi.
“I truly believe that Starbucks’ best days in China lie ahead and that the values of creativity, compassion, community and hard work will lead the company to an even greater contribution to business and community, while continuing to build a common foundation for collaboration between our two countries., “he added.
Schultz will step down as chairman of Starbucks in 2018, after which he will accept the honorary title as emeritus of the chairman. At the time, he said he was investigating a presidential candidate as an independent candidate in 2020. The plans were eventually shelved.
Schultz is outspoken on political issues. During his four decades at Starbucks, he positioned the company as a progressive champion in the American business world.
Schultz also addressed the ties between the US and China. In 2018, he lamented the effects of the trade war, saying that US tariffs on Chinese goods would not help American jobs. China is Starbucks’ leading overseas growth market.
“Every time we had a trade conflict and there were trade wars, it resulted in a downturn in the United States economy,” he told CNN at the time. “This is what I really believe. The country [of] America must not build any walls. We need to build bridges. ‘
.Source
Related
