• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Current price of oil as of July 1, 2026

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Current price of oil as of July 1, 2026
PoliticsChina
Asia

China surrounded Xi’s aide with seasoned experts to seal U.S. deal

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
May 14, 2025, 4:41 AM ET
China's Vice Premier He Lifeng visits the farm of a local breeder in Harquency, northern France, on May 13, 2025.
China's Vice Premier He Lifeng visits the farm of a local breeder in Harquency, northern France, on May 13, 2025.Lou Benoist—AFP via Getty Images
Add Fortune on Google for similar content.

China’s surprisingly quick agreement with the U.S. to wind back punitive tariff rates put a spotlight on a Chinese negotiating team that features decades worth of technical trade experience alongside a top aide of President Xi Jinping. 

Recommended Video

While Vice Premier He Lifeng, a longtime associate of China’s leader, has been described by some observers as lacking the international experience of his predecessor, Harvard Kennedy School-trained Liu He, he brought with him to Geneva a team well prepared to take on U.S. counterparts.

The crew engaging with Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer was on public display for the first time Sunday, with Vice Commerce Minister Li Chenggang and Vice Finance Minister Liao Min flanking 70-year-old He, in a large wood-paneled press hall at China’s World Trade Organization mission in Geneva.

The two vice ministers are veteran negotiators deeply familiar with the technicalities of trade and financial markets, have had years of engagement with Americans, and studied abroad. Their practical expertise combines with political power, as He is China’s top economic czar and a member of the Communist Party’s Politburo. The setup ensures the negotiators have both the authority and competence to hold their ground as talks get tougher, with the clock ticking on a 90-day pause on higher tariffs set to take effect by May 14. 

“He Lifeng may not be the biggest trade expert, but they have a huge team of experts who can inform the delegation,” said Victor Shih, a professor of political science at the University of California San Diego. “China has been studying this problem for a very long time—the potential for U.S. protectionism and implications that it would have on the entire supply chain.”

He has known Xi since the 1980s, when they worked as government officials in the coastal city of Xiamen. He in 2023 replaced Liu, who was China’s chief negotiator in the trade war during President Donald Trump’s first term at the White House.

Unlike Liu, who spoke English and studied business at Seton Hall University in South Orange, New Jersey, in the early 1990s before going to Harvard, He spent decades working first in China’s rich eastern regions. He later worked at China’s top national economic-planning agency.

By contrast, the Commerce vice minister, Li, 58, has a Master of Laws from the University of Hamburg in Germany, and speaks good English. He attracted immediate attention last month, when he became China’s trade representative.

Li worked as Beijing’s envoy to the World Trade Organization in Geneva since February 2021. Prior to that, he spent more than 20 years in the Commerce Ministry’s treaty-and-law department, and in divisions in charge of trade barrier-related issues, including anti-dumping probes. That gave him the deepest specific trade experience of anyone yet to hold the trade representative job.

‘Delicious’ dishes

On Sunday, Li fielded the lion’s share of the questions at a press briefing following the negotiations with the U.S. team.

He also had arguably the most memorable line of the evening, when pressed by reporters whether an expected Sino-U.S. joint statement would be released ahead of Monday’s stock-market open:

“As we say back in China, if the dishes are delicious, the timing doesn’t matter.” Whenever the statement is released, “it’s going to be good news for the world,” Li said.

Li is a tough, smart, and patient negotiator, according to the recollections of Keith Rockwell, a former WTO spokesman who engaged with Li when he was China’s ambassador to that organization. He “knew his stuff” and “didn’t allow the U.S. to push him around,” Rockwell said.

“He knows the WTO rulebook and he knows how to interact with American negotiators,” said Rockwell. “Beijing has made a very astute decision to put him in this position.”

Li also built a reputation as a witty interlocutor who was strong on substance when he led China’s negotiations with Barack Obama’s administration to hammer out a bilateral investment treaty. 

Christopher Adams, who served as senior coordinator of China affairs at the U.S. Treasury during the Obama and Trump administrations after being the USTR’s representative in Beijing, sat opposite Li during multiple negotiations.

Next meeting

“I knew him as a tough but constructive and resourceful negotiator, well respected by U.S. officials who got to know him,” said Adams, who is now a senior adviser in Washington for law firm Covington & Burling. “I would expect him to play a key role in the negotiations going forward.”

Li will be representing China at an Asia Pacific Economic Cooperation forum gathering of trade ministers in Jeju, South Korea, later this week, according to a South Korean government official, who asked not to be identified. That could provide another opportunity for him to interact with Greer, who is attending the same event.

As for He’s other lieutenant in Geneva, Vice Finance Minister Liao, 56, is one of the few sitting top economic officials who were directly involved in the trade talks during Trump’s first presidency. He’s held his current position since 2018.

Liao’s mandate includes overseeing the State Council’s Office of the Customs Tariff Commission, which is responsible for drafting laws and regulations on import taxes and making tariff-negotiation plans. He also served as a deputy director of the office of the Communist Party’s Central Commission for Financial and Economic Affairs—a top economic policy decision-making body—for five years.

Another fluent English speaker, Liao holds a master’s degree from Cambridge University and was Beijing’s point person for the China-U.S. Economic Working Group—a body set up in 2023 for regular dialogue with the Biden administration. Like Li, he’s a graduate of China’s prestigious Peking University.

Liao was once a folk singer in college, perhaps an early sign of the confidence and composure he now brings to the diplomatic stage.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

U.S. Treasury Secretary Scott Bessent
EconomyDebt
AI’s $2.2 trillion deficit fix is already half fake, economists say
By Tristan BoveJuly 2, 2026
6 hours ago
m
Politicsfraud
Trump fights fraud by freezing funding for New York’s Medicaid Fraud Control Unit
By Ali Swenson, Geoff Mulvihill and The Associated PressJuly 2, 2026
6 hours ago
Anthropic CEO Dario Amodei
AIEye on AI
Anthropic’s Fable model is back. But U.S. AI policy is still a mess
By Jeremy KahnJuly 2, 2026
6 hours ago
t
PoliticsWhite House
Trump trots out the C-word — communism — not getting the memo that capitalism has been largely discredited with Gen Z
By Steven Sloan and The Associated PressJuly 2, 2026
6 hours ago
g
EnvironmentCalifornia
California bans ‘sell by’ labels to curb food waste and emissions
By Olga R. Rodriguez and The Associated PressJuly 2, 2026
6 hours ago
t
PoliticsWhite House
Trump visits new Teddy Roosevelt library in the badlands: ‘He had a freakin’ wild life’
By Jack Dura, Collin Binkley and The Associated PressJuly 2, 2026
7 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
2 days ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
8 days ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
2 days ago
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
Success
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
By Orianna Rosa RoyleJuly 2, 2026
18 hours ago
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
Politics
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
By Sasha RogelbergJuly 1, 2026
1 day ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
6 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.