Commerce Secretary Raimondo’s Visit Raises Hopes for Pragmatic Business Ties with China
Commerce Secretary Gina Raimondo‘s upcoming visit to China has sparked optimism for the development of pragmatic business ties between the two nations. China’s Ministry of Commerce expressed its eagerness to engage in in-depth discussions with the United States to resolve their differences on economic and trade issues during Raimondo’s visit, which is set to take place next week.
In a news briefing, Shu Jueting, spokesperson for the Chinese Ministry of Commerce, stated that China will convey its stance on economic and trade matters to the US during discussions between Commerce Minister Wang Wentao and Secretary Raimondo. China hopes to promote practical cooperation and advance mutual benefit in the realm of trade and investment.
Shu acknowledged the recent challenges and difficulties faced by both countries in bilateral trade and investment, which she attributed to the unilateral and protectionist measures taken by the US. Emphasizing the importance of a fair and stable business environment, Shu emphasized that China will continue to address economic and trade concerns with the US, working towards the creation of such an environment that enables trade and investment cooperation for enterprises from both countries.
The US Department of Commerce revealed that Secretary Raimondo’s trip will encompass visits to Beijing and Shanghai, where she will meet with senior Chinese officials and business leaders. The discussions will revolve around various aspects of the US-China commercial relationship, challenges confronted by US businesses, and potential cooperation opportunities.
This visit comes shortly after President Joe Biden signed an executive order that regulates and restricts US high-tech investment in China, focusing on advanced computer chips, microelectronics, quantum information technologies, and artificial intelligence.
Raimondo’s visit follows recent visits by other high-level US government officials, including Secretary of State Antony Blinken, Treasury Secretary Janet Yellen, and Presidential Special Envoy for Climate John Kerry. These visits underscore the Biden administration’s commitment to enhancing dialogue and exchanges between the US and China, with the aim of reducing misunderstandings and miscalculations, managing differences, improving bilateral relations, and seeking practical cooperation.
According to Wei Zongyou, a professor at Fudan University, these visits reflect ongoing efforts to alleviate the strain on relations between the world’s two largest economies. Business communities on both sides are keen to learn whether this meeting will pave the way for resolving key issues such as additional tariffs, restrictions on Chinese high-tech companies, abuse of export controls, and the blockage of US high-tech investment in China.
Coinciding with the Chinese Ministry of Commerce’s announcement on Raimondo’s visit, the US Department of Commerce also removed 27 Chinese entities from its Unverified List, which imposes stricter export controls on businesses. This action indicates a positive development in bilateral trade relations.
Overall, Secretary Raimondo’s visit holds significant potential for fostering pragmatic business ties between the US and China. By engaging in constructive discussions and addressing trade-related concerns, both nations can work towards a fair and stable business climate that benefits their economies and peoples.
