(VitalNews.org) – Wang Wentao, Chinese Commerce Minister, said on Friday that China and the United States would be working towards a more stable environment for businesses.
Last year, Gina Raimondo, who is the U.S. Commerce Secretary, visited China which has sparked the beginning of multiple meetings to be held at the ministerial level. The two parties are expected to stay in contact and keep up with communications so that they can establish a business relationship that would benefit them both by stabilizing the business expectations.
Wang said that the communication between the two “strives to create a good environment for the two countries’ economic and trade cooperation, especially in stabilizing business expectations.” One thing that many experts think will be touched on is the tech restrictions. Although Wang didn’t specifically mention this, he did say that “sanctions bring business uncertainty and greatly increase compliance costs.”
The Biden Administration, just over the last couple of years, has issued multiple export controls over China which limits China’s ability to have their businesses buy advanced tech from United States businesses. The United States has said that the reasoning for the restrictions is so that China doesn’t have access to cutting-edge technology that their military can access, but they still maintain their cooperation.
“We always believe that the common interests of China and the U.S. in economy and trade are far greater than their differences,” Wang said.
There have been multiple complaints from the United States and other countries stating that doing business with China can be difficult or complicated. For example, they’ve mentioned the unequal treatment of foreign companies versus local businesses. They’ve also mentioned, even more recently, that Beijing has vague rules around data transfer that make doing business out of the country very difficult.
With this being said, Wang mentioned that they have taken measures to help streamline this process and give foreign countries a better process for doing business with them. He said that China has created a plan that would help foreign businesses and would increase progress in “more than 60% of the measures mentioned” and also included that they set up channels for foreign businesses to share feedback on operations.
China’s operations with foreign businesses have stunted their international growth and these challenges make it even more necessary for change. However, Wang said that the geopolitical tensions could very well affect their international trade situation and could put a damper on their international growth plans.
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