Chinese President Xi Jinping called for closer industrial ties with the United States during a meeting with the most sensible U. S. business leaders in Beijing on Wednesday, amid improving relations that had fallen to their lowest point in years.
Xi highlighted the mutual economic ties between the world’s two largest economies, despite heavy U. S. price lists for Chinese imports and Washington’s accusations of undue Communist Party influence, unfair industrial barriers and theft of intellectual assets.
China’s economy struggled to recover from severe self-imposed restrictions due to the COVID-19 pandemic, which it did not lift until late 2022. But Xi said China had once again contributed to double-digit global economic growth, in percentage terms.
“The China-U. S. relationship is one of the most important bilateral relations in the world,” Xi was quoted as saying by China’s official Xinhua news agency. “Whether China and the U. S. cooperate or clash has an effect on welfare. “the future and destiny of mankind. “
Among the participants in the assembly was Stephen A. Schwarzman, billionaire and head of the investment company Blackstone.
Trade and price lists have come under increasing scrutiny in the run-up to the U. S. presidential election, and the Biden administration has shown little sign of moderating punitive measures against Chinese imports imposed by his predecessor and presumptive opponent in the November election, Donald Trump.
U. S. officials have renewed their considerations of China’s trade policy practices and overcapacity, as well as their effects on the U. S. and businesses, which they attribute in part to China’s huge industrial surplus that rose to more than $279 billion last year, its lowest point in about a decade. . .
After the meeting, the U. S. -China Business Council said in a statement that it was venerable to have a discussion with the country’s most sensible leader to “discuss our considerations on the decline in industry, investment and business confidence, as well as our preference for improving assistance. “commitment and industry between our two countries.
“We highlight the importance of rebalancing China’s economy through income broadening and encourage the government to address more long-standing considerations on cross-border knowledge flows, government procurement, increased coverage of intellectual asset rights, and further advancement in regulatory transparency and predictability,” Said. The Washington Post said. He said the advice is based. Its president, Craig Allen, was among the visitors who met with Xi.
China’s economy is mired in an asset market crisis in which developers are suffering under mountains of debt and buyers are paying off loans for apartments that would possibly never be completed. Other problems, such as an ageing population and high youth unemployment, are driving the growth of export-oriented production.
At the same time, many foreign companies, including Apple, rely on China-based brands as key links in their supply chains, along with the country’s 1. 3 billion consumers, for a higher percentage of their global sales.
China’s highly competitive tone toward the United States has softened in recent months, especially since Xi’s meeting with Biden in San Francisco in November. Officials such as U. S. Secretary of State Antony J. Blinken has visited the country, and Treasury Secretary Janet Yellen is expected to do so. China will meet again with the most sensible leaders next month.
But Xi’s administration has maintained a hard line on issues it sees as its “core interests. “These include its claims to nearly all of the South China Sea, the autonomous island democracy of Taiwan (a close best friend of the United States), and its authoritarian rule. on peripheral regions such as Hong Kong, Tibet and Xinjiang.
Xi, an ardent nationalist and son of one of the founders of the People’s Republic, is determined to be tough on the party while attracting foreign investment to prop up the economy.
“The respective successes of China and the U. S. create opportunities for each other,” Xi was quoted as saying by Xinhua. “As long as the two sides see each other as partners, respect each other, coexist peacefully and unite to achieve win-win results, China-U. S. relations will be strengthened. “Relationships will improve.
Subscribe to accessSite Map
Follow
MORE FROM THE L. A. TIMES