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China is turning to an old friend in corporate America to bolster communications with the U.S., as President Xi Jinping tries to stabilize the bilateral relationship while gearing up for greater competition between the two powers.

A few days before Mr. Xi’s summit last week with President Biden, according to people with knowledge of the matter, Beijing dispatched a delegation of senior policy advisers and business executives to New York to meet with a U.S. counterpart group set up by insurance executive Maurice “Hank” Greenberg, one of the most successful American businessmen in China.

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