"The U.S. is not separating itself from or constraining the Chinese economy."

US Commerce Secretary Gina Raimondo met with several top Chinese officials, including Premier Li Qiang and Vice Premier He Lifeng, at the Great Hall of the People in Beijing on August 29.

During these meetings, Ms. Raimondo affirmed that the U.S. is not seeking to sever economic ties with China. However, she also expressed concerns that have led the business community to describe China as an "unprofitable" environment.

"More and more businesses are complaining to me that they cannot invest in China because it is too risky," the minister said.

However, Liu Bangyu, a spokesperson for the Chinese Embassy in Washington, later denied this. According to Liu, of the 70,000 American companies operating in China, 90% are profitable and most want to remain there. He also asserted that Beijing is creating more favorable conditions for foreign companies to access the market.

World - — Chinese Premier Li Qiang met with US Commerce Secretary Gina Raimondo at the Great Hall of the People in Beijing on August 29. Photo: CGTN/Xinhua

Ms. Raimondo also spoke out about issues related to American companies such as Intel, Micron, and Boeing, but said she "did not receive any commitments."

China did not approve the antitrust agreement, forcing Intel to abandon its $5.4 billion deal to acquire Israeli chipmaker Tower Semiconductor in mid-August.

In May, the country also banned domestic operators of critical information infrastructure from purchasing Micron products due to concerns about national security risks.

In addition, Beijing has suspended almost all Boeing jet purchases and has primarily ordered from Airbus in recent years.

At high-level meetings on August 29, Ms. Raimondo also urged China to cooperate with the US on broader threats such as climate change and artificial intelligence.

World - “The US is not separating from or constraining the Chinese economy” (Figure 2). — US Commerce Secretary Gina Raimondo also met with Chinese Vice Premier He Lifeng on August 29. Photo: SCMP/AFP

Conversely, China also requested that the US ease export controls on advanced technologies and lift the recently imposed ban on investment in certain cutting-edge technologies.

The U.S. Commerce Secretary rejected those demands, but assured the Chinese that export controls would only apply to a small percentage of U.S.-China trade, and that both sides should explore other economic opportunities.

"We will never compromise on protecting our national security, but I want to make it clear that we are not seeking to decouple from or contain the Chinese economy."

According to Xinhua News Agency, Chinese Premier Li Qiang told Ms. Raimondo that economic relations between China and the United States are "mutually beneficial."

However, he also warned that “ politicizing economic and trade issues and overemphasizing the concept of security will not only seriously affect bilateral relations and mutual trust, but also erode the interests of businesses and people in both countries, and have a serious impact on the global economy . ”

Nguyen Tuyet (According to NY Times, Reuters)

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