Sign In
New York Business Times Logo
  • Home
  • Business
  • Technology
  • Entertainment
  • Finance
  • Sports
Reading: Beijing says US and China are working to make the business environment less volatile
Share
newyorkbusinesstimes.comnewyorkbusinesstimes.com
Aa
  • Business
  • Finance
  • Technology
  • Entertainment
  • Sports
Search
  • Business
  • Finance
  • Technology
  • Entertainment
  • Sports
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Home » Beijing says US and China are working to make the business environment less volatile
Finance

Beijing says US and China are working to make the business environment less volatile

Justin Ashley
Last updated: 2025/01/29 at 9:11 AM
Justin Ashley
Share
Beijing says US and China are working to make the business environment less volatile
SHARE

[ad_1]

Contents
Growing International ChallengesRead more about China from CNBC Pro

The flags of China, the US and the Chinese Communist Party are displayed at a flag stall at the Yiwu wholesale market in Yiwu, Zhejiang province, China May 10, 2019.

ali song | reuters

BEIJING – China and the United States are working toward creating a more stable and predictable environment for businesses, Chinese Commerce Minister Wang Wentao said Friday.

Since US Commerce Secretary Gina Raimondo’s visit to China last summer, the two countries have agreed to hold regular meetings at the ministerial level and below. Wang and Raimondo had a call earlier this month.

That communication “seeks to create a good environment for the two countries’ economic and trade cooperation, especially in stabilizing business expectations,” Wang said in Mandarin at a news conference translated by CNBC.

He did not mention US technology sanctions, but said sanctions bring uncertainty to trade and “greatly increase” compliance costs.

Over the past two years, the Biden administration has issued export controls that limit the ability of Chinese companies to buy advanced technology such as high-end semiconductors from American businesses. Washington has said it is a way to prevent China’s military from accessing cutting-edge technology while maintaining areas of cooperation.

Mizuho says China's recent policy support is driven by its desire for social stability

“We always believe that China and the United States’ common interests in economy and trade are greater than their differences,” Wang said.

The US and other foreign businesses in China have long complained of challenges in doing business in the Asian country, such as unequal treatment of foreign companies compared to local players. Recently, international businesses have said that Beijing’s vague rules regarding data transfers out of the country make operating difficult.

In the fall, the Cyberspace Administration of China (CAC) released new draft rules stating that no government oversight is required for data export if regulators have not determined that it qualifies as “critical.” The move was widely seen as an improvement for foreign businesses, but no official policy has yet been made.

Asked Friday for an update on the data regulations, Wang said only that “the primary ministry is increasing efforts to release them.”

He said China has acted on a 24-point plan released last summer to support foreign businesses in the country – which includes implementation or progress on “more than 60%” of measures. Wang also said the ministry has set up regular channels for foreign businesses to share feedback.

When Raimondo visited China last year, she called for more action to improve the outlook for American businesses in China. “Any one of them can be addressed as a way to show action,” he said, referring to the 24-point plan.

Growing International Challenges

China’s economic growth has slowed from the double-digit pace of previous decades to 5.2% growth in 2023. The pace of growth is expected to slow down further this year.

Wang told reporters on Friday that this year, the international trade situation will be “even more complex and serious”, pointing to factors such as rising geopolitical tensions.

Foreign direct investment fell 8% to 1.13 trillion yuan ($160 billion) in 2023, the lowest level in three years, according to commerce ministry data. It did not specify how much the US invested in China, while France and Britain saw the largest increases in such investment last year.

Read more about China from CNBC Pro

China has sought to promote foreign investment in the country.

Earlier this month at the World Economic Forum’s annual conference in Davos, Switzerland, Chinese Premier Li Qiang gave a speech that portrayed China as an opportunity rather than a risk.

“Davos is filled with CEOs who have a penchant for intellectual property misappropriation, cursory changes to agreements, arbitrary legal decisions favoring local competitors, and more,” Ian Bremmer, founder and chairman of Eurasia Group, said in a note Monday. There are stories of.”

The economic legacy of the Chinese Communist Party explained

“But I was also impressed by the breadth of CEOs across diverse sectors (finance, health care, insurance, manufacturing, technology, luxury goods, transition energy and more) who told me stories of not only increased access over the past months, but new There were also commercial terms, licenses and partnerships, which they were legitimately excited about,” Bremmer said.

He said that “almost every Fortune 500 CEO doing business in China” whom he met there was planning to visit China more this year than last year.

“Even at 2-3% growth, the shift in political impulse from the world’s second largest economy with massive industrial infrastructure and huge consumer base cannot be ignored.”

Justin Ashley 29 January 2025 29 January 2025
Share This Article
Twitter Email Copy Link Print
By Justin Ashley
Justin Ashley is a distinguished financial expert with an impressive track record in the world of finance. He embarked on his career at New York Business Times in 2015 as a finance correspondent and has since become a prominent figure in the industry.
Previous Article Stocks making the biggest moves in the afternoon: Netflix, ASML, AT&T, Advanced Micro Devices and more Stocks making the biggest moves in the afternoon: Netflix, ASML, AT&T, Advanced Micro Devices and more
Next Article NCAA investigation into growing role of booster groups NCAA investigation into growing role of booster groups
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Oponion

Award-winning British journalist and children’s writer Dawn-Maria France has ventured into animation as a creator and scriptwriter! BY Torie Boyd

Award-winning British journalist and children’s writer Dawn-Maria France has ventured into animation as a creator and scriptwriter! BY Torie Boyd

Dawn-Maria France is an award-winning British journalist and Yorkshire Women's…

21 February 2025

Fake news sites with Russian ties flood the US

In a dwindling field of journalism…

29 January 2025

US added 275,000 jobs in February as growth remains strong: Live updates

If the economy is slowing down,…

29 January 2025

Bitcoin made a great comeback and touched a record high

Bitcoin hit a record high of…

29 January 2025

Britain will cut taxes again as elections approach

Amid weak economic growth prospects, the…

29 January 2025

Your inhalers and EpiPens aren’t very healthy for the environment

A single-use insulin pen changed Brian…

29 January 2025

An upbeat FTC boosts Biden’s efforts to address inflation

An independent federal agency has become…

29 January 2025

Disney to step back from India in mega-deal with Reliance Industries

Walt Disney Co. on Wednesday announced…

29 January 2025

Developers received support for affordable housing. Then the neighborhood came to know.

When developers planned to build 60…

29 January 2025

You Might Also Like

New CFPB rule limits banks’ credit card late fees to
Finance

New CFPB rule limits banks’ credit card late fees to $8

CFPB Director Rohit Chopra testifies during a Senate Banking, Housing and Urban Affairs Committee hearing titled "Semi-Annual Report of the…

4 Min Read
Stocks making the biggest moves in the afternoon: CrowdStrike, Palantir, Super Micro Computer, Brown-Forman & more
Finance

Stocks making the biggest moves in the afternoon: CrowdStrike, Palantir, Super Micro Computer, Brown-Forman & more

Check out the companies making headlines in afternoon trading. CrowdStrike – The cybersecurity company surged more than 15% after topping…

7 Min Read
Stocks making the biggest moves in the afternoon: Victoria’s Secret, Novo Nordisk, Intel, Shake Shack & more
Finance

Stocks making the biggest moves in the afternoon: Victoria’s Secret, Novo Nordisk, Intel, Shake Shack & more

Check out the companies making headlines in afternoon trading. Victoria's Secret - The intimate apparel retailer plunged 36% and is…

3 Min Read
Stocks making the biggest moves in the premarket: Carvana, Gap, Eli Lilly, UBS and more
Finance

Stocks making the biggest moves in the premarket: Carvana, Gap, Eli Lilly, UBS and more

Check out the companies making headlines before the bell rings. Carvana – Shares rose more than 5% after RBC upgraded…

5 Min Read
New York Business Times Logo

News

  • Sponsored & Guest Post
  • Remove News

CATEGORY

  • Business
  • Finance
  • Technology
  • Entertainment
  • Sports

INFORMATION

  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions

Social Media

  • Instagram
  • Facebook
  • X
  • Linkedin

© New York Business Times. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?