The purpose of Raimondo’s visit is to stabilize business ties and promote exchanges with China, while maintaining the firm stance taken by Washington on restricting the development of advanced technologies like semiconductors and artificial intelligence.
She emphasized that the United States does not intend to hinder China’s economic growth, stating that a prosperous Chinese economy that follows international rules is beneficial for both countries. Raimondo expressed the importance of a stable economic relationship that aligns with global expectations.
However, she acknowledged that the relationship between the two countries is complex and challenging. Raimondo believes that direct, open, and practical communication can lead to progress, even in the midst of disagreements on certain issues.
Treasury Secretary Janet L. Yellen, Secretary of State Antony Blinken, and climate change envoy John F. Kerry have recently visited Beijing as part of the efforts to resume communication between the two nations. Communications were disrupted earlier this year when a Chinese balloon crossed into U.S. territory and was shot down.
During these two months, the economic situation in China has significantly changed. The extent of the economic slowdown has become more apparent, with projections indicating that it will fall short of the 5 percent growth target for this year.
China’s economy has struggled to recover from stringent lockdown measures, leading to reduced consumer spending and a potential debt crisis in the real estate sector.
Furthermore, Chinese Foreign Minister Qin Gang, who previously promised to visit Washington, suddenly disappeared from his post without explanation.
In the meeting with Raimondo, Commerce Minister Wang expressed willingness to collaborate and create a more favorable policy environment. However, foreign investors have been concerned about increased scrutiny and the use of exit bans, making it difficult for them to enter and operate in China.
The challenges of doing business in China are compounded by fears that employees of foreign firms could be subjected to scrutiny under Beijing’s expanded anti-espionage law.
The U.S. Commerce Department has implemented strict export controls on Chinese technologies, which China has criticized as an attempt to hinder its companies. However, ahead of Raimondo’s visit, the Commerce Department removed 27 Chinese entities from the “Unverified List,” stating that there was no evidence of their connection to the Chinese military.Follow Google News
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