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US commerce secretary visits China, requires ‘steady’ ties | Enterprise and Economic system

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US Commerce Secretary Gina Raimondo met with Chinese language officers in Beijing as Washington tries to patch up relations between the world’s two greatest economies after years of heightened tensions.

Raimondo, who arrived in China on Sunday, is holding three days of conferences with Chinese language officers and enterprise leaders as US President Joe Biden’s administration seeks to stabilise ties.

Raimondo on Monday met Chinese language Commerce Minister Wang Wentao, telling her counterpart it was “profoundly vital” for the 2 international locations to have steady relations.

“We share $700bn {dollars} of commerce and I concur with you that it’s profoundly vital that we’ve a steady financial relationship,” Raimondo stated, in accordance with a readout from the US Division of Commerce.

“It’s a sophisticated relationship; it’s a difficult relationship. We are going to in fact disagree on sure points, however I consider we will make progress if we’re direct, open, and sensible.”

Raimondo’s go to comes after Biden and Chinese language President Xi Jinping agreed on the G20 summit in Bali final 12 months to “deepen communication” between their international locations after years of rocky relations.

US Treasury Secretary Janet Yellen, Secretary of State Antony Blinken and local weather envoy John Kerry have all visited China this 12 months as a part of the tentative thaw.

US-China relations have sunk to the bottom level in many years in recent times amid disputes over points starting from commerce and nationwide safety to the battle in Ukraine and the standing of Taiwan.

The Biden administration has imposed a number of restrictions on Chinese language commerce and trade in response to alleged nationwide safety issues, accelerating a development that started underneath former President Donald Trump.

Beijing has blasted Washington’s strikes as being “anti-globalisation” and an effort to thwart the rise of the world’s second-largest financial system.

US officers have denied meaning to stifle China’s financial development, insisting they solely want to “de-risk” the international locations’ financial ties.

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