SUMMARY
- Gina Raimondo, U.S. Commerce Secretary, advocates for a more predictable business environment in China.
- National security remains a prime concern, with the U.S. wary of its tech boosting China's military.
- Both countries signal an interest in establishing more regular and open communication for trade.
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In her recent trip to China, U.S. Commerce Secretary Gina Raimondo made a clear request: for China to establish a more reliable business environment for American enterprises. Speaking exclusively to CNBC's Eunice Yoon, Raimondo emphasized that while American companies have an interest in the Chinese market, the unpredictability and apparent bias against foreign entities make things challenging.
It's significant to note Raimondo's trip; she's the first U.S. Commerce Secretary to set foot in China in half a decade. This period has been marked by a complex and sometimes strained relationship between the two global giants. Several international companies, especially from the U.S., have raised concerns about restricted market access in China, along with other contentious issues like forced tech transfers.
But it's not just about business. There are larger concerns in the mix. Raimondo remained resolute about preventing U.S. technological advances from being harnessed for China's military purposes. The U.S. has implemented various measures recently to curb Chinese access to high-end American tech. The issue of national security is at the core of these decisions.
In response, China has made moves of its own, updating its counterespionage law. This has made international businesses jittery. Raimondo emphasized that a clearer stance on such regulations would instill more confidence. She highlighted her positive interactions with Chinese officials, but firmly stated that what's needed now are tangible actions from China's side to support its pro-business sentiments.
In recent times, there have been positive shifts, with China taking steps to fortify intellectual property rights and refine its legal system. Both countries have now shown interest in establishing regular communication channels to discuss commerce and trade, aiming for a balanced and fruitful relationship.
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