Guests included top U.S. and Chinese officials and the chief executives of several major American companies.

Beijing welcomed President Trump with a high-ranking vice president, but the choice of a ceremonial leader suggests China is trading symbolism for substance.

America’s ability to deter China in a war over Taiwan is weakened, Chinese analysts say, giving Beijing leverage in an upcoming summit with President Trump.

China’s top diplomat also warned against the restarting of hostilities as he met with Iran’s foreign minister. The U.S. has urged China to pressure Iran to reopen the waterway.