US Commerce Secretary Gina Raimondo met with her Chinese counterpart in Beijing on Monday, saying it was "profoundly important" for the world's two biggest economies to have a stable relationship.
Her visit is the latest in a series of high-level trips to China by US officials in recent months as Washington works to cool trade tensions with Beijing.
The trips could culminate in a meeting between their leaders, with US President Joe Biden saying recently that he was expecting to sit down with China's Xi Jinping this year.
Raimondo met on Monday morning with Chinese Commerce Minister Wang Wentao, describing the economic relationship between the two countries as "the most significant in the world".
"We share $700 billion dollars of trade and I concur with you that it is profoundly important that we have a stable economic relationship," she said, according to a readout from the US Commerce Department.
"It's a complicated relationship; it's a challenging relationship," she told Wang.
"We will of course disagree on certain issues, but I believe we can make progress if we are direct, open, and practical."
Wang, in turn, told Raimondo it was a "great pleasure to conduct dialogue and coordination with you in the field of economy and trade".
Raimondo arrived in Beijing on Sunday and was met by Lin Feng, the director of the commerce ministry's Americas and Oceania department, as well as US ambassador to China Nicholas Burns.
In posts on the social media platform X, Raimondo said she was "looking forward to a productive few days".
Monday also saw her visit a showcase of US beauty products for the Chinese market at a Beijing hotel, accompanied by Ambassador Burns.
During her trip, she will travel to China's economic powerhouse Shanghai, the US Commerce Department said. She will leave on Wednesday.
- Trade tensions -
Relations between the United States and China have plummeted to some of their lowest levels in decades, with US trade curbs near the top of the laundry list of disagreements.
Washington says they are crucial to safeguarding national security, but China sees them as seeking to slow its economic rise.
This month, Biden issued an executive order aimed at restricting certain US investments in sensitive high-tech areas in China -- a move Beijing blasted as being "anti-globalisation".
The long-anticipated rules, expected to be implemented next year, target sectors such as semiconductors and artificial intelligence.
US Treasury Secretary Janet Yellen sought to reassure Chinese officials about the expected curbs during a visit to Beijing last month, promising that any new moves would be implemented in a transparent way.
And Raimondo on Monday told Chinese officials that while there was "no room to compromise or negotiate" on US national security, "the vast majority of our trade and investment relationship does not involve national security concerns".
"We believe a strong Chinese economy is a good thing," she said.
"We seek healthy competition with China. A growing Chinese economy that plays by the rules is in both of our interests."
In June, US Secretary of State Antony Blinken travelled to Beijing, where he met Xi and said progress had been made on a number of key sources of contention. US climate envoy John Kerry also visited China in July.
But none of the visits led to major breakthroughs, and a recent Camp
David summit between the United States, South Korea and Japan aimed in part at countering China sparked condemnation from Beijing.
Following that summit, Biden said he still expected to meet Xi this year.
The US president is inviting the Chinese leader to San Francisco in November, when the United States holds a summit of the Asia-Pacific Economic Cooperation forum, which includes China.
They could also potentially meet next month in New Delhi on the sidelines of a G20 summit.
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Artificial Intelligence Analysis
Defense Industry Analyst:
7.
This article is relevant to defense industry analysts because it discusses the importance of a stable relationship between the worlds two largest economies, the US and China. It is important to note that the US and China are two of the worlds largest defense spenders, and the US Commerce Secretarys visit to Beijing highlights the importance of the relationship between the two countries in the context of their defense industries. Analysts should consider the potential implications of a stable economic relationship between the US and China, and how this might affect their respective defense budgets and industry activity.
Stock Market Analyst:
6.
This article is relevant to stock market analysts as it discusses the importance of a stable economic relationship between the US and China for global markets. It is likely that any changes in the US-China relationship could have a positive or negative impact on stock markets, and analysts should consider the potential implications of a stable relationship between the two countries. This could include increased foreign investment in US and Chinese stocks, reduced tariffs, and improved global trade stability.
General Industry Analyst:
7.
This article is relevant to general industry analysts as it discusses the importance of a stable economic relationship between the US and China for global industry. It is likely that any changes in the US-China relationship could have a significant impact on global industry, and analysts should consider the potential implications of a stable relationship between the two countries. This could include increased foreign investment in US and Chinese industries, reduced trade barriers, and improved global business cooperation.
Analyst Summary
:
US Commerce Secretary Gina Raimondo visited Beijing on Monday to discuss the importance of a stable economic relationship between the worlds two largest economies, the US and China. Raimondo stated that the US and China share $700 billion in trade, and she believes that progress can be made if the two countries are direct, open, and practical. This visit to Beijing is part of a series of high-level meetings between US and Chinese officials in recent months, and it is expected that there may be a meeting between their leaders later this year. This article is relevant to defense, stock market, and general industry analysts, as the implications of a stable US-China relationship could have a significant impact on global markets, defense budgets, and industry activity. Over the past 25 years, there have been significant changes in the space and defense industry, including the emergence of new technologies, increased military spending, and advances in space exploration. These events and trends have been shaped in part by the US-China relationship, and a stable relationship could lead to further growth and development in these industries. Analysts should consider the potential implications of a stable relationship between the two countries, and investigate potential opportunities for investment, trade, and cooperation.
Investigative
Question:
- 1. What are the potential implications of a stable US-China relationship for global markets and defense budgets?
- 2. How can we ensure that any progress made in the US-China relationship is beneficial to both countries?
- 3.
What are the potential benefits of increased foreign investment in US and Chinese industries?4. How has the US-China relationship shaped the space and defense industry over the past 25 years?
5. What other measures can be taken to promote a stable economic relationship between the US and China?
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