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During her visit to China, US commerce secretary Gina Raimondo emphasized the importance of national security while recognizing the opportunities in bilateral trade between the two countries that are not sensitive in nature.
In a meeting with Chinese commerce minister Wang Wentao, Raimondo stated that the US sees a strong Chinese economy as beneficial. However, she made it clear that national security matters are non-negotiable. The majority of trade and investment between the US and China does not involve such concerns, and both countries are committed to promoting trade and investment in mutually beneficial areas.
Raimondo’s four-day visit to Beijing is part of the US government’s effort to strengthen the bilateral relationship with China.
China has expressed displeasure at US President Joe Biden’s efforts to tighten restrictions on technology-related exports and investments in China. This includes recent measures to prevent US funding from supporting the Chinese military. Meanwhile, China is grappling with a decline in foreign and domestic investor confidence due to economic challenges such as a slowdown in the property sector and weak exports.
To revive overseas interest and encourage factory owners to expand, the Chinese government recently reduced stamp duty on share trades, resulting in a boost to stock prices.
Raimondo highlighted the importance of the US-China trade relationship, which amounts to $700 billion, and emphasized the need for a stable economic partnership.
Raimondo clarified that the investments made by the Biden administration to strengthen US supply chains are not intended to hinder China’s economic progress.
Last year, the Biden administration enacted the Inflation Reduction Act and the Chips and Science Act, which provide tax credits, subsidies, and loans to develop domestic industries focused on clean technology and semiconductors.
Raimondo identified healthcare, climate change, and “people-to-people” ties as areas where the US and China can collaborate.
Chinese commerce minister Wang stated that most US-China trade falls within a benign category and should continue without interference. He expressed willingness to work with Raimondo to create a more favorable policy environment and contribute to global economic recovery.
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