Easing visa rules helps build trust between China and US, says Blackstone chief
Stephen Schwarzman, one of the most powerful dealmakers on Wall Street, says one thing that could help to improve Sino-US relations, in particular among the general public, is to make it easier for more people to travel to each country.
Stephen Schwarzman, one of the most powerful dealmakers on Wall Street, says one thing that could help to improve Sino-US relations, in particular among the general public, is to make it easier for more people to travel to each country.
President Xi Jinping and US President Barack Obama made the right moves this month on both climate change and easing visa restrictions for both sides, Schwarzman said at the New York headquarters of Blackstone Group, the buyout fund he co-founded in the 1980s.
The visa deal will have a more immediate and direct impact on citizens of both countries.
During the Asia-Pacific Economic Cooperation (Apec) summit in Beijing last week, Obama announced the validity of business and tourist visas for Chinese citizens would be extended to up to 10 years, and student and exchange visas to up to five years. Beijing made the same visa arrangements for Americans. The latest US government data shows foreign student numbers in the United States at a record high, with almost a third – more than 274,000 – from China in the 2013-14 academic year.
“As you know, I often travel around the world, I always feel smarter when I come back [to the US] as I always find I can learn and understand global culture and differences,” Schwarzman said.
“It’s like part of your grow-up experience,” he said. Travel by young Americans and Chinese to each other's country will likely lead to more trust than existed in previous generations, he said.
