At the commencement of the first in-person gathering since the COVID-19 epidemic, Chinese Premier Li Qiang urged for more “communication and exchange” to avoid misunderstandings. According to the agenda, the globe Economic Forum’s three-day summit, which began on Tuesday, will focus on China’s role in the globe and how the global economy might progress in an increasingly divided world. Li encouraged globalization and economic cooperation. Li claimed “cutting reliance and de-risking” is being hyped in the West. “These two concepts are false because economic globalization has made the world economy a common entity in which you and I are both intermingled.
Many countries’ economy are intertwined, dependent, and successful. This is excellent, not terrible.” Beijing’s self-branding as a “champion of multilateralism” contrasts with the US’s restrictive trade policies against China. The administration of US President Joe Biden is set to draught an executive order in the next weeks to limit US investment to China in crucial industries including artificial intelligence, quantum computing, and advanced semiconductors owing to national security concerns. The two-year-old presidential order would supplement a US Congress plan that would restrict investment in drugs and vehicles. According to Bloomberg News, US Treasury Secretary Janet Yellen may visit China next month to speak with her Chinese colleague He Lifeng and repair damage. Yellen has stated that US investment limitations are “motivated solely by our concerns about our security and values” and not “to gain competitive economic advantage” over Beijing. She has also advocated for “de-risking” China to maintain US-China commerce rather than a “disastrous” decoupling that would further split the two nations. After tensions over Taiwan, semiconductors, and an alleged Chinese spy balloon, Yellen will be the second cabinet-level US official to visit China in as many months. Secretary of State Antony Blinken visited earlier this month.
Biden and his predecessor Donald Trump have sought to prevent US corporations and their partners from doing business with Chinese military and state-linked companies and impose punitive penalties on Chinese companies for unfair economic practices. Beijing retaliated with levies. However, both parties seem eager for peace. Since the start of the year, US and Chinese officials have intensified face-to-face encounters, allowing Blinken’s June travel to China and a brief meeting with Xi Jinping. US President Joe Biden has also stated he hopes to see Xi in the coming months, which analysts expect to happen during the Asia Pacific Economic Cooperation conference in the US later this year. The two men met in Bali in 2022 during Indonesia’s G20 conference.
