On February 22, China’s Foreign Minister Wang Yi called on the new U.S. administration to halt the suppression of Chinese technology companies. Notably, U.S. President Donald Trump sanctioned some Chinese companies in the last three years.
Huawei, a Chinese telecommunications company, is one of the largest companies that suffered from those orders. Huawei fell from the number one smartphone vendor globally to sixth place last year due to the sanctions.
Wang announced that China would like the U.S. to remove tariffs and sanctions on companies and abandon irrational suppression of China’s technological progress, to create necessary conditions for China-U.S. cooperation.
Wang also called for the U.S. to support international Chinese students and remove restrictions on cultural groups and media outlets in the U.S.
Another essential thing to mention is that China-U.S. tensions accelerated under the Trump administration. It remains unclear what exact action U.S. current President Joe Biden might take. However, he has kept a firm tone since taking office about a month ago.
On Friday, Joe Biden told the Europen allies that they must prepare for long-term strategist competition with China.
Wang says the two nations should work together to stop the COVID-19 pandemic
Furthermore, last week, Treasury Secretary Janet Yellen announced Trump-era tariffs would remain in place and that any changes would depend on China’s adherence to trade deal commitments.
Chinese Ambassador to the U.S., Cui Tiankai, also stated Monday that Beijing and Washington must define the boundaries of their foreign policy.
Wang also reported that the two nations could work together to stop the COVID-19 pandemic and support global economic recovery, emphasizing that Beijing remains supportive of American businesses in China.
Furthermore, according to analysis from last week, if the U.S. sells half its direct investment in China, American investors would lose $25 billion a year in capital gains. Remarkably, the report called for targeted, rather than sweeping, policy measures against China.
- Trading Instrument