Boeing could be the biggest winner on Trump’s trip to China

In today’s CEO Daily: Ticking through the high stakes of Trump’s trip to Beijing.

The big leadership story: How Publicis chairman Maurice Lévy built Europe’s biggest tech conference.

The markets: U.S. futures are up after a rally in tech stocks on Wednesday.

Plus: All the news and watercooler chat from Fortune.

Good morning. While few expect a radical policy shift to result from the U.S.-China state visit, as my Hong Kong-based colleague Lee Williamson noted yesterday, it’s an opportunity to reflect on the stakes for business. President Donald Trump’s ongoing tariff war cut U.S.-China trade in goods by 29% last year to $415 billion without dentingChina’s record trade surplus. Even Canada has now opened its doors to Chinese products like BYD, which surpassed Tesla as the world’s top EV seller last year. But China, like the U.S., is an innovation leader that’s also facing significant challenges at home, such as high youth unemployment, rising energy prices, and falling fertility rates. 

A tale of two debtors: Yes, the U.S. Treasury is paying $3 billion in interest a day to service almost $39 trillion in debt, but China’s level of indebtedness is “in a league of its own,” according to Mark Williams, chief Asia economist at Capital Economics, with a debt-to-GDP ratio topping 300%. Unlike the U.S., China owes most of that money to its own banks and citizens. The risk is not borrowing costs but bad loans to zombie firms. That........

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