Wang Wentao, the Chinese Minister of Commerce, said on Friday that the US and China would work together to make business conditions more safe.
Gina Raimondo, who is the U.S. Commerce Secretary, went to China last year. This led to the start of several talks between ministers. The two people involved are expected to keep in touch and communicate so that they can build a business connection that works for everyone by setting clear goals for the business.
Wang said that the two countries’ talks “strive to create a good environment for the two countries’ economic and trade cooperation, especially by keeping business expectations stable.” A lot of experts think that the tech limits will be talked about. Wang didn’t say this directly, but he did say that “sanctions bring business uncertainty and greatly increase compliance costs.”
In the past couple of years, the Biden Administration has put many restrictions on China’s exports. These restrictions make it harder for Chinese companies to buy high-tech goods from US companies. The US has said that the limits are in place so that China can’t get to the cutting edge technology that their military has access to. However, they are still working together.
Wang said, “We always think that China and the U.S. have far more in common than they do not” when it comes to trade and the economy.
Numerous complaints have been made by the US and other countries that doing business with China can be hard or confusing. For instance, they’ve talked about how foreign companies are treated differently than local companies. They also said, even more recently, that it’s hard to do business outside of China because Beijing has hazy rules about sending data.
Speaking of this, Wang said that steps have been taken to make this process easier and make it easier for other countries to do business with them. He said that China had made a plan to help foreign businesses and make progress in “more than 60% of the measures mentioned.” The plan also established ways for foreign businesses to give feedback on operations.
Working with foreign companies has slowed China’s growth in other countries, which makes the need for change even greater. Wang, on the other hand, said that the political unrest could affect their ability to deal with other countries and their plans to grow internationally.
