“China is making it harder“, declared the US Secretary of Commerce, Gina Raimondo, to the program Face the Nation of the CBS chain, according to Reuters reports. The political official also added that he was very clear with China that they need him, while patience is running out among American companies.
The US Secretary of Commerce cited the lack of a predictable environment and a level playing field as the main catalysts that hurt American companies in China. Also key challenges are large and unexplained fines, raids on companies and changes in the counterintelligence law, according to the news.
The US diplomat was on a trip to Beijing last week and expressed concern about US companies operating in China, telling CNN: “I was very clear, direct and firm in all my conversations with my Chinese counterparts.“.
The policy maker also cited the fact that China is shutting down the economy and being more arbitrary in its way of managing regulations as the reasons for the difficult results of late.
Biden’s comments
US President Joe Biden also made comments over the weekend expressing his disappointment at Chinese President Xi Jinping’s decision to sit out the G20 leaders’ summit in India.
“I’m disappointed… but I’m going to go see him,” Biden told reporters in Rehoboth Beach, Delaware, without elaborating, according to Reuters.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
