Biden’s Commerce Secretary emphasizes talks for stronger US-China economic relations.
President Joe Biden’s commerce secretary emphasized the importance of dialogue for better economic ties with China.
U.S. Commerce Secretary Gina Raimondo told CNBC’s Jim Cramer on Sept. 5 that American businesses are “desperate” for dialogue with Beijing after she visited China to meet with CCP officials.
After years of strain, she visited Beijing and Shanghai to try to improve bilateral relations.
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Ms. Raimondo was the first commerce secretary to travel to China in five years and the latest American official to visit over the summer.
Treasury Secretary Janet Yellen and Secretary of State Antony Blinken visited China recently to discuss the trade conflicts and national security concerns between both countries.
Chinese-US Trade Relations Hit a Low Point
Foreign companies operating in China have long objected to certain moves by CCP authorities, such as forced tech transfers and preferential treatment for local companies, particularly state-owned firms.
A five-year trade war, starting under the Trump administration, combined with restrictions on Chinese firms from buying sensitive technology in the United States on national security grounds, has since worsened tensions.
The commerce secretary also mentioned the sensitive subject of artificial intelligence, adding that the White House was “erring on the side of caution” to prevent China from acquiring the new technology from U.S. firms.
Ms. Raimondo said that the tech CEOs she spoke with shared a mutual concern over advanced AI chips falling into the hands of the CCP, adding “We can’t let that get into the hands of the Chinese military.”
Beijing has partially retaliated to Western criticism by updating its counterespionage law and carrying out a number of high-profile raids on international consulting firms, causing concern among foreign investors.
Gordon Chang, an expert on U.S.-China relations, asked in a post on X, formerly known as Twitter, “Gina Raimondo says we must have a ‘stable economic relationship’ with China, but how do we stabilize relations with a militant regime that is failing? And one that identifies #America as its enemy?”
White House Aims to Repair Trade Ties With Beijing
Despite their frustration, many American business leaders still remain eager to do business with the world’s second-largest economy and have called on the Biden administration to foster improved dialogue with Beijing.
“I did, myself, personally, talk to over a hundred CEOs of U.S. businesses before going to China, and to say that they were desperate for some kind of a dialogue is not an exaggeration,” said Ms. Raimondo.
“I’m not going to say we’re going to solve every problem, because we won’t. But to even find some practical solutions, I have to be the voice of business and give them, you know, a chance to make some changes and show some action.”
Many on Capitol Hill remain hostile to Beijing over the rising threat to U.S. allies in the Asia-Pacific region, CCP influence with certain American politicians, and the wave of fentanyl flowing into the United States from across the southern border from China.
“After her trip to Communist China, Commerce Secretary Gina Raimondo celebrated the possibility of creating ‘regular communication’ with Beijing. Perhaps the Biden administration can use this opportunity to tell China to stop producing American-killing fentanyl,” said Sen. Marsha Blackburn (R-Tenn.) in a statement.
The commerce secretary admitted that American businesses require a “level playing field” in China and that punitive actions towards foreign businesses and unpredictable government moves are making the country “uninvestable.”
However, “not decoupling our economy is critical, not just for our economy but for our national security,” she said.
“We have to do business where we can, communicate and have dialogue where we can, and never compromise our national security,” said Ms. Raimondo.
She further emphasized American “soft power” in China, while stating a need for a stable relationship with Beijing.
The secretary noted that Chinese tourists to the United States were a boon to the hospitality industry, leading to more local jobs and adding billions to the economy.
Meanwhile, Washington and Beijing agreed in August to establish regular communication.
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