In interviews that were aired on Sunday, U.S. Commerce Secretary Gina Raimondo cautioned China that American business’ patience was “wearing thin,” adding that American businesses demanded a “predictable environment and a level playing field.”
Raimondo warns China: Formerly the two greatest economies in the world’s largest trading partners, Washington today does more business with the neighbouring nations of Canada and Mexico, while Beijing does more business with Southeast Asia.
While recently in China, Raimondo stated that despite some of the Chinese government’s positive acts, the reality needed to match the rhetoric because there was a great desire among American firms to make the partnership work.
“China is making it more difficult,” Raimondo said on CBS’s Face the Nation. “I made it very plain to China that we must do so because American business is running out of patience. They require and are entitled to a stable environment with fair conditions. And perhaps China will take note of that message so that our business partnership can be both solid and expanding.
According to Raimondo, U.S. corporations are facing new difficulties, such as hefty fines that go unjustifiedly unpaid, business raids, and amendments to the counterespionage statute.
In all of my conversations with my Chinese counterparts, I was very direct, clear, and firm, she said CNN. “I didn’t mince words. I was honest about everything. In addition, Raimondo said that she informed Chinese officials of the hacking of her email before to her trip to China in late August.
She told CNN that “they suggested that they weren’t aware of it and that it wasn’t intentional.” “But I think it was crucial that I put it on the table and let them know that it’s challenging to earn their trust when you take such actions,” she continued.
“China’s Economic Challenges: Slowdown and Debt Crisis in the Real Estate Sector”
China is struggling with a slowdown that has alarmed global markets, and the problematic developer Country Garden’s (2007.HK) spiralling debt problems in a sector that makes up around a quarter of the GDP is receiving a lot of attention right now.
“I believe there is little doubt that the Chinese economy is slowing. They are undoubtedly facing serious, serious difficulties in the real estate market, she said on Face the Nation.
According to Raimondo, China’s economy performed better when it was more open and market-based.
She continued, “The economy faces significant challenges as they have closed down and become more arbitrary in administering regulations.”