In this photo released by Xinhua News Agency, Chinese President Xi Jinping, center, walks with representatives from American business, strategic and academic communities at the Great Hall of the People in Beijing, March 27, 2024. In this photo released by Xinhua News Agency, Chinese President Xi Jinping, center, walks with representatives from American business, strategic and academic communities at the Great Hall of the People in Beijing, March 27, 2024.
U.S. officials have renewed concerns over Chinese industrial policy practices and overcapacity, and the resulting impact on U.S. workers and companies, that they blame in part on China’s massive trade surplus that amounted to more than $279 billion last year, its lowest level in about a decade. “We stressed the importance of rebalancing China’s economy by increasing consumption there and encouraged the government to further address longstanding concerns with cross-border data flows, government procurement, better protection of intellectual property rights, and improved regulatory transparency and predictability,” the Washington-based council said. Its president, Craig Allen, was among the guests that met Xi.
At the same time, scores of foreign firms, including Apple, rely on China-based manufacturers as key links in their supply chains, along with the country’s 1.3 billion consumers for a high percentage of their global sales.in San Francisco in November. Officials such as U.S. Secretary of State Antony Blinken have visited, and Treasury Secretary Janet Yellen is reportedly due to to travel to China again to meet top leaders next month.