China becoming 'uninvestible,' a top Biden official says U.S. companies tell her

“Increasingly I hear from businesses, China is uninvestible because it’s become too risky,” Raimondo told reporters while travelling from Beijing to Shanghai on a high-speed train.

“There are the traditional concerns that they’ve become accustomed to dealing with,” she said. “And then there’s a whole new set of concerns, the sum total of which is making China feel too risky for them to invest.” In discussions with top Chinese officials over the past two days, Raimondo said she raised a number of issues, including specific problems with Intel Corp., Micron Technology Inc. and Boeing Co., as well as other commercial issues. Meanwhile, China asked that the U.S. lower tariffs, cut export controls and scrap plans to limit some forms of outbound investment, Raimondo said, emphasizing that she refused these requests.

Raimondo is the latest high-level official from the Biden administration to travel to China in recent months as part of an effort by the White House to ease tensions between the two powers that have become increasingly strained. “Having Secretary Raimondo come here was very important for the business community because her number one job is to promote trade between the United States and China, and AmCham China feels that that’s one of the stabilizing forces in this relationship,” Michael Hart, the president of AmCham China, said in an interview with Bloomberg Television earlier on Aug. 29. For U.S. firms in China, “the number one complaint for the last three years has been poor U.S.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Chip stocks: Why Secretary Raimondo’s China visit mattersU.S. Commerce Secretary Gina Raimondo visited China this week in a bid to ease some of the tensions between the United States and China. Axios Global Tech Correspondent Ryan Heath joins Yahoo Finance Live to discuss what this means for chipmakers and for the future of U.S. and China relations. Investors and chipmakers should be “mildly encouraged” about communication between the United States and China, Heath says. “The more transparency, the more dialogue, the better for you as a chipmaker,” Heath explains. “U.S. exports to China are still basically at record levels and that also includes for some forms of chips” and the “broad environment is still reasonable encouraging,” Heath notes. Heath says Raimondo 'is extremely well regarded by the White House' and 'is treated as a serious player by the people she is talking to in Beijing, you know, that’s exactly the right person that you want there having these discussions. It doesn’t guarantee any outcomes in the future, but it gives you a solid basis for having a more functional relationship.”
Source: YahooFinanceCA - 🏆 47. / 63 Read more »