Biden’s Commerce Secretary cautions US firms growing restless over China.
U.S. Businesses Frustrated with China’s Unpredictability
U.S. businesses are getting fed up with trying to deal with the unpredictability of China, according to a top Biden administration official.
Commerce Secretary Gina Raimondo, who appeared for multiple interviews on Sunday to talk about her recent trip to China, told CBS News’ “Face the Nation” that creating a fair and competitive environment was a pressing issue amid concerns about opaque regulations, raids by Chinese authorities, and preserving trade secrets.
“I’ll tell you, prior to going to China, I personally spoke with more than 100 U.S. business leaders and labor leaders. And what they tell me is that even the ones that have been doing business in China for decades, you know, these are sophisticated people used to dealing with the traditional concerns of, you know, IP theft or non-market practices,” Raimondo said.
“They say, it’s much harder now, right? Like China is making it more difficult because of the reasons you say the — raids, the counter-espionage law. They are going to make a business decision to do business in other countries unless that improves. And so I was very clear with China that we need to — patience is wearing thin among American business,” she added. “They need and deserve a predictable environment and a level playing field. And hopefully China will heed that message so we can have a stable [and] growing commercial relationship.”
Raimondo traveled to China last week to map out cooperation areas in the commercial sector and address “challenges” faced by U.S. businesses.
She met with Chinese Minister of Commerce Wang Wentao, who stressed that trade and economic relations between their countries are suitable for the world economy, according to a readout from China’s embassy in the United States. Wang also raised concerns about issues that are a priority for Beijing, such as tariffs, semiconductor policies, and investment restrictions, per the release.
The Biden administration recently sent another Cabinet official, Treasury Secretary Janet Yellen, to China in a bid to improve relations at a time of rising tensions.
Raimondo said she believes her visit amounted to a “great deal of progress,” including the opening of new lines of communication and an agreement to share information about export controls, though she noted that commercial interests need to be balanced with national security needs. The secretary claimed she confronted Chinese officials about a hacking campaign that gained access to her emails, an incident she said “erodes” trust.
Chinese officials gave “verbal assurances” that U.S. businesses would be treated “fairly, that they will not engage in non-market practices which hurt American workers,” Raimondo added. The secretary said she told her Chinese counterparts that she wanted to see them live up to their words.
“Time will tell whether they are going to really be as they say they want to be, you know, more market-oriented and open and reform-minded when it comes to their economy, their regulatory regime,” Raimondo said. “They need to be less arbitrary in the way they administer regulations to actually give American businesses a fair shot to compete.”
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