In a gathering in Beijing on Friday, China’s chief, Xi Jinping, traded heat smiles with Invoice Gates and praised Mr. Gates as “the primary American good friend” he had met this 12 months.

The encounters in Beijing between Secretary of State Antony J. Blinken and his Chinese language counterparts, beginning on Sunday, are prone to really feel noticeably chillier.

The high-level conferences are aimed toward getting the U.S.-China relationship again on observe, and lots of American enterprise leaders have been pushing the Biden administration to attempt to restore some stability in one of many world’s most essential bilateral relationships.

However for enterprise leaders, and for officers on each side, expectations for the conferences seem modest, with two important targets for the talks. One is to revive communication between the governments, which broke down this 12 months after a Chinese language surveillance balloon flew into U.S. airspace and Mr. Blinken canceled a go to scheduled for February. The opposite is to halt any additional decline within the international locations’ relationship.

There may be already proof of the influence of the fraying ties. Overseas direct funding in China has fallen to an 18-year low. A 2023 survey by the American Chamber of Commerce in China confirmed that corporations nonetheless see the Chinese language market as a precedence, however that their willingness to take a position there’s declining.

“The financial relationship has change into so dismal that any signal of progress is welcome, although expectations are low for any kind of a breakthrough,” mentioned Jake Colvin, the president of the Nationwide Overseas Commerce Council, which represents multinational companies.

“The hope is that high-level dialogues like this may begin to inject some certainty for enterprise into an more and more fraught and unpredictable commerce relationship,” he mentioned.

Nonetheless, as one of many world’s largest client markets and residential to many factories that offer international companies, China exerts a robust pull. This 12 months, because it eased its journey restrictions after three years of pandemic lockdowns, a parade of chief executives made journeys to China, together with Mary Barra of Common Motors, Jamie Dimon of JPMorgan Chase and Stephen Schwarzman of Blackstone.

On a go to to China this month, Elon Musk, the chief government of Tesla and proprietor of Twitter, described the American and Chinese language economies as “conjoined twins” and mentioned he opposed efforts to separate them. Apple’s chief government, Tim Prepare dinner, traveled to China in March and lauded the corporate’s “symbiotic” relationship with the nation.

Sam Altman, the chief of OpenAI, which makes the ChatGPT chatbot, appeared just about at a convention in Beijing this month, saying American and Chinese language researchers ought to proceed to work collectively to counter the dangers of synthetic intelligence.

The tech trade, which has cast profitable relationships with Chinese language producers and customers, has warily watched Washington’s aggressive method to China. Whereas trade teams acknowledge the significance of strikes to safeguard nationwide safety, they’ve urged the Biden administration to fastidiously calibrate its actions.

Wendy Cutler, a former diplomat and commerce negotiator who’s now vp on the Asia Society Coverage Institute, mentioned america and China would possibly announce some small steps ahead on the finish of the conferences. The governments would possibly agree, she mentioned, to extend the paltry variety of flights between their international locations or the visas they’re issuing to overseas guests.

However each side could have loads of grievances to air, Ms. Cutler mentioned. Chinese language officers are prone to complain about U.S. tariffs on items made in China and restrictions on U.S. companies promoting coveted chip expertise to China. American officers could spotlight China’s deteriorating enterprise atmosphere and its latest transfer to bar corporations that deal with vital data from shopping for microchips made by the U.S. firm Micron.

“I’m not anticipating any breakthroughs, notably on the financial entrance,” Ms. Cutler mentioned, including, “Neither aspect will need to be smiling.”

American officers hope Mr. Blinken’s go to paves the best way for extra cooperation, together with on points like local weather change and restructuring the debt a great deal of growing international locations. Different officers, together with Treasury Secretary Janet L. Yellen, are contemplating visits to China this 12 months, and Mr. Xi and President Biden could meet straight at both the Group of 20 conferences in Delhi in September or an Asia-Pacific financial assembly in San Francisco in November.

In latest months, Biden officers have tried to fix the rift between the international locations by arguing for a extra “constructive” relationship. They’ve echoed European officers in saying their need is for “de-risking and diversifying” their financial relationships with China, not “decoupling.”

However belief between the governments has eroded, and Chinese language officers seem like skeptical of how a lot the Biden administration can do to revive ties.

The in depth U.S. restrictions on the semiconductor expertise that may be shared with China, which have been issued in October, proceed to rankle officers in Beijing. America has added dozens of Chinese language corporations to sanctions lists for aiding the Chinese language army and surveillance state, or circumventing U.S. restrictions in opposition to buying and selling with Iran and Russia.

Biden administration officers are weighing additional restrictions on China, together with a long-delayed order overlaying sure U.S. enterprise capital investments. And the White Home faces intense strain from Congress to do extra to crack down on nationwide safety threats emanating from Beijing.

Not all corporations are pushing for improved ties. Some with much less publicity to China have tried to reap political advantages in Washington from the rising competitors with the nation. Meta, the mum or dad firm of Fb and Instagram, has repeatedly raised issues about TikTok, the Chinese language-owned video app that has proved a formidable competitor to Instagram.

“It’s actually a dispute over the diploma,” mentioned James Lewis, a senior vp on the Heart for Strategic and Worldwide Research. “How accommodating are you? How confrontational are you?”

How aggressively corporations are resisting the tensions with China, Mr. Lewis mentioned, is linked to their publicity to the nation’s market.

“I believe plenty of this has to do along with your presence in China,” he mentioned.