U.S. Commerce Secretary Gina Raimondo stresses it is “profoundly important” that the world’s two largest economies have a stable economic relationship.
This in remarks made to her Chinese counterpart Wang Wentao in Beijing on Monday, saying that although it is challenging, progress can be made if the two are direct, open, and practical.
Wang in response said China is also ready to work with the U.S. adding that the bilateral economic ties are not only significant for the two countries but also to the world.
“First, we agreed to establish a new commercial issue working group, a formal working group, which will involve US and Chinese government officials and very importantly, US and Chinese commercial private sector representatives as we seek solutions to trade and investment issues and to advance US commercial interests in China. Second, we agreed to launch an export control enforcement information exchange that will serve as a platform. We hope to reduce misunderstandings of US national security policies”.
The U.S. Commerce Department had lifted export controls for 27 Chinese companies just days before her visit which saw positive remarks from Wang.
“China welcomes the U.S. decision of removing the Chinese entities from the unverified list. It shows that the two sides can address specific concerns through communication on the basis of mutual respect.”
During her four-day trip to Beijing and Shanghai, Raimondo in her meetings with Chinese officials and business leaders is expected to discuss boosting trade and tourism where both superpowers can find common ground.
Raimondo is the latest and the fourth key figure from the Biden administration to visit China after Secretary of State Antony Blinken, Treasury Secretary Janet Yellen, and Climate Envoy John Kerry.
One expert says, the U.S. is trying to mend ties with China to boost economic growth, ahead of the U.S. presidential election coming up next year.
“Since the 1980s, the ruling power has not won the election when the country’s GDP has fallen under 2 per cent. The current economic growth of the U.S. stands around 1 per cent.”
As the meeting also comes amid concerns over the faltering Chinese economy, the expert added that Raimondo’s visit is likely to bring results that will be beneficial to the economies of Washington and Beijing.
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