![]() Biden declined to walk the remark back.Īt the fundraiser on Thursday, Biden said that China was in “trouble” due to turgid growth and the “highest unemployment rate going.” He also blasted Xi’s signature Belt and Road Initiative as the “debt and noose,” because of the high levels of lending to developing economies associated with the global investment program.īeijing had previously heralded this year as “ The Year of Investing in China ,” but foreign investors have failed to materialize as the administration shows every sign of being determined to make it harder to do business in China, not easier.įollowing the implementation of a new counter-espionage law last month, the U.S. Secretary of State Antony Blinken wrapped a visit to Beijing, Biden elicited a flurry of angry responses from China by calling Xi Xinping a dictator. “And that’s not good because when bad folks have problems, they do bad things.”īiden is known for his unexpected pokes at Beijing, with some commentators referring to them as “gaffes.” “ They’ve got some problems,” Biden said. “Confidence is falling, growth is stalling, China seems to be sliding into a downward spiral with deflation, low growth and lack of confidence all feeding on each other,” Prasad added.Īt a reelection fundraiser in Utah on Thursday, Biden said, “We have China to deal with,” calling it “a ticking time bomb in many cases,” the Associated Press reported. Treasury or the administration planned it this way, but this is spectacularly bad timing for China,” said Eswar Prasad, a professor in international trade at Cornell University, in an interview with CNBC. It’s a particularly sensitive time, with official data on Wednesday showing that China’s consumer prices fell year-on-year in July for the first time in two years, amid wide concern about deflationary pressure on what was previously seen as a “miracle economy.” doesn’t want “decoupling” but is pursuing “de-risking.”īeijing is likely to see such words as little more than semantics, but it is in an unfamiliar place economically. ![]() Treasury Secretary Janet Yellen said the U.S. Embassy in Beijing, China, on July 9, 2023. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. side has repeatedly expressed its non-intention to ‘decouple’ with China, but what it actually did is repeatedly ‘decoupling and severing supply chains’ from China,” he said. “China opposes the U.S.’s overuse of national security to politicize and weaponize trade, scientific and technological issues and deliberately making obstacles to normal economic and trade exchanges and technological cooperation,” Liu Pengyu, spokesperson for China’s embassy in Washington, told RFA. ![]() President Joe Biden issued an executive order that regulates American investments in China’s microchip, quantum computing and artificial intelligence industries.īiden administration officials, speaking on the condition of anonymity, said the order will limit China’s access to technologies “critical to the next generation of military innovation.” The strong reaction came a day after U.S. Its essence is anti-globalization and decoupling from China.” seriously violates the principles of market economy and fair competition, disrupts the international economic and trade order, disturbs the stability of global industrial and supply chains, and severely damages the interests of businesses in China, the U.S. of trying to deprive China of “its development rights” in a move that constituted “naked economic coercion and technological bullying. “China strongly opposes and expresses firm dissatisfaction with the U.S.’s insistence on implementing investment restrictions against China,” said China’s Ministry of Foreign Affairs in a written statement Thursday. of trying to block its development, claiming that the Biden administration is pursuing “technology hegemony.” It also urged Washington to “immediately revoke its erroneous decision.”
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