US-China Economic Relationship: United States says seeking more ‘predictable’ business environment in China

SHANGHAI: America desires to work with China to make sure a extra “predictable” surroundings for American companies in Shanghai, Commerce Secretary Gina Raimondo informed officers within the financial hub on Wednesday.
Talking with Shanghai Communist Get together chief Chen Jining on day 4 of a bridge-building journey to China, Raimondo mentioned a “secure financial relationship is sweet for America, good for China and good for the world”.
“The US-China financial relationship is among the many most consequential on the planet,” she informed Chen.
Raimondo informed Chen she was wanting ahead to talks to “convey a couple of extra predictable enterprise surroundings, predictable regulatory surroundings, and a stage taking part in area for American companies right here in Shanghai”.
US companies in China have lengthy complained about what they see as an unfair enterprise surroundings, with restricted safety for mental property and preferential remedy afforded to home rivals.
These fears have been compounded this 12 months by a broad crackdown on US consulting companies working in China.
A brand new anti-espionage legislation, which got here into power on July 1, has additionally spooked overseas and home companies as they attempt to decipher authorities’ intentions and, crucially, pinpoint what’s off-limits.
– ‘Mutual belief’ –
In a Tuesday assembly with Vice Premier He Lifeng in Beijing, Raimondo raised what Washington sees as unfair commerce practices by China, in line with a US Division of Commerce readout.
She additionally emphasised the “significance of strengthening the safety of commerce secrets and techniques for US companies working in China”.
The commerce secretary is considered one of numerous senior US officers to go to China in latest months — a part of an effort by Washington to enhance its working relationship with its largest strategic rival.
Raimondo has used the journey to hunt extra open discussions with the Chinese language over restrictive commerce curbs and the 2 sides have agreed to arrange a working group to iron out the laundry record of commerce disputes between them.
She has additionally repeatedly burdened that US curbs on Chinese language companies — which Washington says are aimed toward defending its nationwide safety — needn’t have an effect on the broader financial relationship.
However Chinese language officers have pushed again, with Premier Li Qiang telling Raimondo Tuesday that US strikes to “politicise” commerce points would show “disastrous” for the worldwide economic system.
“Politicizing financial and commerce points and overstretching the idea of safety will… significantly have an effect on bilateral relations and mutual belief,” Li informed Raimondo, in line with China’s official Xinhua information company.
On Wednesday, Raimondo met with college students at New York College’s campus in Shanghai and spoke at a gathering of girls executives hosted by the American Chamber of Commerce within the metropolis.
The American Chamber of Commerce in China’s president informed AFP the organisation backed Raimondo’s feedback.
“We have been very clear in our conferences with the Chinese language authorities that whereas some US corporations are prospering, sure actions, together with raids on corporations and proscribing knowledge flows, usually are not conducive to attracting extra FDI (overseas direct funding),” mentioned Michael Hart.
The commerce secretary additionally visited Disneyland Shanghai, and was as a result of head to Shanghai’s Pudong Airport for a press convention earlier than departing the nation.

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