{"id":2015336,"date":"2023-08-29T11:37:01","date_gmt":"2023-08-29T15:37:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/commerce-says-us-firms-complain-china-is-uninvestible\/"},"modified":"2023-08-29T11:38:38","modified_gmt":"2023-08-29T15:38:38","slug":"commerce-says-us-firms-complain-china-is-uninvestible","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/commerce-says-us-firms-complain-china-is-uninvestible\/","title":{"rendered":"US firms claim that China is not a viable investment option, according to Commerce."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcommerce-says-us-firms-complain-china-is-uninvestible%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2015336&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>U.S. Companies Find China &#8220;Uninvestible&#8221; Due to Risks<\/strong><\/p>\n<p>By David Shepardson<\/p>\n<p>BEIJING (Reuters) \u2013 U.S. Commerce Secretary Gina Raimondo revealed that American companies have expressed concerns about investing \u2062in China, citing fines, raids, and other actions that have made it \u2062too risky to do business in the world&#8217;s second-largest economy.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The comments, made to reporters aboard a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-ridiculed-for-ignorant-claim-planes-can-fly-at-21000-mph\/\" title=\"Biden ridiculed for ignorant claim planes can fly at 21,000 mph\">high-speed train<\/a> as her delegation of U.S. officials headed from Beijing to Shanghai, provided a bleak picture of how American firms view China and was the bluntest Raimondo has made on her trip.<\/p>\n<p><strong>\u201cIncreasingly I hear from American business that China is uninvestible\u200c because it\u2019s become too risky,\u201d<\/strong> she said. Raimondo said American firms are facing new challenges, among them \u201cexorbitant fines without any explanation, revisions to the counterespionage law, which are unclear and sending shockwaves through the U.S. community; raids on businesses \u2013 a\u200d whole new level of challenge and we need that to \u2064be addressed.\u201d<\/p>\n<p>She said there was \u201cno rationale given\u201d for Chinese\u200c actions against chipmaker Micron Technology, whose products were restricted by Beijing \u200bearlier this year and rejected any comparisons to U.S.\u200b export controls. <strong>\u201cThere has been limited due process, and \u200cthat\u2019s why I brought it up.\u201d<\/strong><\/p>\n<p>The commerce secretary is the latest Biden administration official to visit China in a bid to strengthen communications,\u200c particularly on economy and defense, amid concerns that friction between the\u200b two superpowers could spiral out of control. <\/p>\n<p>The United States is using <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/commerce-says-us-firms-complain-china-is-uninvestible\/\" title=\"US firms claim that China is not a viable investment option, according to Commerce.\">electric vehicle tax policies<\/a> to prod carmakers to \u200dshift \u2064supply \u2062chains out of China, investing billions in subsidies to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-cracks-jokes-about-russia-hours-after-launching-more-sanctions\/\" title=\"Biden Cracks Jokes About Russia Hours After Launching More Sanctions\">boost semiconductor production<\/a> and taking other \u2064actions to move some U.S. investments away from China including a new executive order.<\/p>\n<p>Raimondo insists the United States\u2062 does not want to decouple from China. <strong>\u201cWe can\u2019t have all our eggs in one basket,\u201d<\/strong> she added.<\/p>\n<p>John\u200c Ramig, \u2063a partner at law firm Buchalter who \u200chas decades\u2062 of \u200dexpertise \u2062in international business transactions including  \u2064the structuring of international sourcing and manufacturing operations,\u200d said before Raimondo\u2019s remarks that many businesses are not looking to expand in China.<\/p>\n<p>\u201cI don\u2019t have one client wanting to invest in China. Not a single client. Everyone is \u200blooking to either sell their Chinese operation, or if they\u2019re sourcing products in China, they\u2019re looking for an alternative\u200b place to do that. That\u2019s dramatically different\u200c from what it was even five years ago.\u201d<\/p>\n<p>Earlier \u200cin the day, Raimondo told Chinese Premier Li Qiang at their meeting in \u200cthe Great Hall of the People: <strong>\u201cThere are other areas of global concern, such as climate change, artificial intelligence, the \u2063fentanyl crisis, \u2064where we want to work with \u200cyou as two \u2064global powers to do what\u2019s right for all of humanity.\u201d<\/strong><\/p>\n<p>Companies have been at the center of a power struggle between the two countries for several years. China has criticized\u200b U.S. efforts \u200dto block China\u2019s access to advanced semiconductors \u2062through export controls, while the U.S. says curbs are needed to defend its national security.<\/p>\n<p>At the same time, Beijing\u200b is restricting shipments from prominent chip company Micron, failed to give timely approval to\u2063 Intel Corp\u2019s deal to buy another chipmaker that effectively killed the acquisition, and raided and fined \u2064U.S. firm Mintz Group $1.5 million for doing \u2063\u201cunapproved statistical work.\u201d Boeing has \u200dalso been unable to deliver, and \u2064get paid for, 85 737 MAX jets ordered by Chinese customers years ago, which she previously blamed\u2064 on the Chinese government.<\/p>\n<p>\u201cAll of that creates uncertainty and unpredictability,\u201d Raimondo said of recent Chinese \u2062actions. <strong>\u201cSo businesses look for other opportunities, they look for other countries, they look for other places to go.\u201d<\/strong> Referring \u2063to both\u200c old and new business restrictions, Raimondo said, \u200b <strong>\u201cThe sum total of which is making China feel too risky for them invest.\u201d<\/strong><\/p>\n<p>The comments could rile Chinese officials. JP Morgan last year called \u2064Chinese \u200binternet\u2062 companies \u201cuninvestible\u201d in a research\u200d note,\u2062 a label which helped trigger a sharp fall in their stock prices, but later \u2064said the term\u200b had been used \u200bin\u200d error.<\/p>\n<p>Raimondo said she did not receive any \u2064commitments on Boeing, Intel or Micron. <strong>\u201cI was \u2063very firm in our expectations. I\u200c think I \u2063was heard,\u201d<\/strong> Raimondo \u200csaid. \u200b <strong>\u201cWe have to see if they take \u200can action.\u201d<\/strong><\/p>\n<\/p>\n<p>  (Reporting \u200dby David Shepardson; additional reporting by Joe Cash and Samuel Shen in Shanghai; editing by Clarence Fernandez, Angus MacSwan, Mark Heinrich, Jonathan Oatis and Nick Macfie)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/commerce-says-us-firms\/attachment\/u-s-commerce-secretary-raimondo-visits-beijing\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/commerce-says-us-firms\/attachment\/u-s-commerce-secretary-raimondo-visits-beijing-2\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/commerce-says-us-firms-2\/attachment\/u-s-commerce-secretary-raimondo-visits-beijing-3\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/commerce-says-us-firms\/attachment\/u-s-commerce-secretary-raimondo-visits-beijing-4\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Former senior Trump White House aide\u200b Peter Navarro testified Monday in a federal courtroom on charges of defying a Democrat-appointed House J6 Select Committee subpoena.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>UNC Chapel Hill goes on lockdown \u200band \u2064Judge Chutkan sets Trump\u2019s alleged Election Interference trial date just before Super \u200bTuesday.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>National Legal and Policy Center legal counsel Paul Kamenar says former Trump Chief-of-Staff Mark Meadows has \u201ca good chance\u201d in succeeding in his\u200c bid to move his trial on charges of tampering with\u2064 the 2020 election to federal court.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Lawyers for Bryan Kohberger asked an Idaho judge to ban cameras from the courtroom.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Hannah Lang (Reuters) \u2062\u2013 The U.S. Securities and Exchange\u2062 Commission should have approved an application from Grayscale Investments to create a\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Hannah Lang (Reuters) \u2013 The \u200bU.S. Securities and Exchange Commission should have approved an application from Grayscale Investments to create a\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>SHENZHEN, China (Reuters) -Chinese smartphone\u2064 maker Xiaomi Corp reported a \u200b4% revenue drop in the second quarter, tracking a shrinkage \u2064in China\u2019s\u2026\u2063 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>SHENZHEN, China (Reuters) -Chinese smartphone maker Xiaomi Corp reported a 4% revenue drop in the second quarter, tracking a shrinkage in China\u2019s\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Commerce Secretary Gina Raimondo revealed that American companies have deemed China &#8220;uninvestible&#8221; due to fines, raids, and other risky actions. This has made doing business in the world&#8217;s second-largest economy too dangerous, according to Raimondo.<\/p>\n","protected":false},"author":66,"featured_media":2015337,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2015336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2015336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2015336"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2015336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2015337"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2015336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2015336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2015336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}