Biden warns of China’s economic danger.

President Biden ⁢Calls China’s ​Economy a “Ticking Time‍ Bomb”

U.S. President Joe Biden made ‍a bold statement on⁢ Thursday, referring ‌to ⁣China’s ⁤economy as a “ticking time bomb.” This remark has sparked protests from Chinese authorities as the Biden administration seeks to renew engagement with Beijing.

Speaking at a political fundraiser in Utah, President Biden​ didn’t hold back, ⁣describing the Chinese ‌Communist Party (CCP) leadership⁣ as ⁢”bad‍ folks” and⁤ expressing concern⁢ over⁢ the⁤ country’s economic troubles. ​He pointed ‍out that China’s economic growth has weakened and the⁤ unemployment rate has‍ reached a record high.

“They have got some problems. That’s not good because‍ when‌ bad folks have problems, they do bad things,” said President Biden.

China’s Growth Rate Misstated

President Biden’s claim about China’s growth rate, however, was inaccurate. The country’s economy actually grew⁣ 4.5 percent in the first quarter and 6.3‌ percent in the second⁢ quarter, with⁣ gross domestic product (GDP) growth at 0.8‌ percent in April-June from the previous‍ quarter, according to data‌ released by the National Bureau of Statistics (NBS).

Despite this misstatement,⁢ President Biden emphasized that he does ‌not want to harm‌ China and desires a rational relationship ‍with the country.

These comments from President Biden have⁢ drawn ​strong​ criticism from Beijing. State-run⁣ media Xinhua responded by accusing U.S. ‍politicians and Western⁣ media of using China’s economic problems as an opportunity to “bad​ mouth” the second-largest ‍economy in the world.

Renewed Engagement⁣ With China

President Biden’s remarks‌ echo his previous comments made at another fundraiser⁢ in June, where ⁤he referred to Chinese leader Xi Jinping as a “dictator.” ⁣This statement came shortly after Secretary of State Antony Blinken had a “robust conversation” with Mr. Xi and other top ‌diplomats in Beijing.

The Biden administration aims‌ to reduce tensions between Beijing and ​Washington, as bilateral ties have worsened over various issues. From Beijing’s unfair trade practices to its aggression against Taiwan, there is a need ⁢for improved relations.

President Biden has previously stated that ⁤his reference to Mr.​ Xi‌ as a “dictator” will not derail the relationships with⁤ Beijing. ⁤He expressed his intention to​ meet with⁣ President‍ Xi in the ‍near future.

In​ fact, the ⁣Chinese leadership ​has already welcomed two other senior administration officials separately, and there are indications that a fourth senior U.S. official may visit China soon.

China ‘Needs the West’

Outside observers have repeatedly warned that ‍high-level talks with‍ American officials serve ⁢the ‍interests of Beijing. China’s⁤ leadership is struggling to roll out policies that restore domestic demand and revive the weak economy.

Miles‍ Yu, a⁢ senior ​fellow ⁣and director ⁣of the China Center at Hudson ⁢Institute, explained,⁣ “China has been ‍playing hard to get for the last several months, and they would not ⁣talk. Now they relented and agreed to talk with high-level American cabinet members on matters⁣ that are vital to both nations’ economies.”

He ⁤added, ‍”The reason why they relented is because China’s economy is in big trouble. They need the West much more than‌ the West ⁣needs ​China. So they’re being a little bit more realistic‍ this time.”

These discussions come at‌ a crucial time as China’s economy faces⁣ challenges, including deflation ‌in the consumer sector⁣ and ⁤a declining producer ‍price index (PPI).