U.S. President Joe Biden has referred to China as a “ticking time bomb” due to its economic challenges, including weak growth. However, Biden misquoted China’s growth rate during a political fundraiser in Utah.
“They have got some problems. That’s not good because when bad folks have problems, they do bad things,” Biden stated, expressing concern about the country’s future.
Biden claimed that China was growing at 8% per year to maintain growth but is now close to 2% per year. However, data from China’s National Bureau of Statistics showed that the economy grew 4.5% in the first quarter and 6.3% in the second quarter. In April-June, the gross domestic product increased by only 0.8% from the previous quarter, following a 2.2% expansion in the first quarter.
China’s foreign ministry has not yet commented on Biden’s remarks.
This is not the first time Biden has made controversial comments about China. In June, he referred to President Xi Jinping as a “dictator” during another fundraiser. China considered these remarks to be provocative.
Biden’s comments come after U.S. Secretary of State Antony Blinken’s visit to China, which aimed to stabilize relations between the two countries. Beijing described the relations as being at their lowest point since formal ties were established in 1979.
On Wednesday, Biden signed an executive order that prohibits some new U.S. investment in China in sensitive technologies, such as computer chips. China, as the world’s second-largest economy, expressed grave concern about the order and reserved the right to take measures in response.
China’s consumer sector experienced deflation, and factory-gate prices continued to decline in July, contrasting with inflation in other parts of the world.
In contrast, the United States, as the world’s largest economy, has been combating high inflation and has seen a robust labor market.
Nandita Bose reported this story, with writing by Jeff Mason. The article was edited by Cynthia Osterman, Heather Timmons, and Philippa Fletcher.
Jeff Mason, a White House Correspondent for Reuters, has covered the presidencies of Barack Obama, Donald Trump, and Joe Biden, as well as the presidential campaigns of Biden, Trump, Obama, Hillary Clinton, and John McCain. He served as the president of the White House Correspondents’ Association from 2016 to 2017, leading the press corps in advocating for press freedom during the early days of the Trump administration. His and the WHCA’s work was recognized with Deutsche Welle’s “Freedom of Speech Award.” Jeff has asked pointed questions to domestic and foreign leaders, including Russian President Vladimir Putin and North Korea’s Kim Jong Un. He is a recipient of the WHCA’s “Excellence in Presidential News Coverage Under Deadline Pressure” award and a co-winner of the Association for Business Journalists’ “Breaking News” award. Jeff began his career as a business reporter in Frankfurt, Germany, before covering the European Union in Brussels, Belgium. He regularly appears on television and radio and teaches political journalism at Georgetown University. Jeff is a graduate of Northwestern University’s Medill School of Journalism and a former Fulbright scholar.
What specific risks are associated with China’s supply chains that U.S. agencies need to assess?
A memorandum directing U.S. agencies to assess the risks posed by China’s supply chains. The memorandum aims to reduce dependence on China and strengthen domestic manufacturing capabilities.
The U.S.-China relationship has been strained for years, with issues such as trade, human rights, and cybersecurity dominating the agenda. Under the Biden administration, there has been a shift in tone from the previous administration, with a focus on competition rather than confrontation.
While Biden’s characterization of China as a “ticking time bomb” may be seen as alarmist, it reflects growing concerns about China’s economic challenges and its impact on global stability. China’s slowing growth, mounting debt, and demographic challenges pose significant risks for the country and the world. However, it is important to note that despite its slowdown, China still maintains one of the highest growth rates among major economies.
China’s response to Biden’s comments remains to be seen, but it is likely to further strain the already tense relations between the two countries. As the world’s two largest economies, their relationship is crucial for global stability and economic growth. Finding common ground and addressing concerns through dialogue and collaboration will be essential in managing the complex issues that arise between the two powers.
Interesting. I wonder how such a misquote can impact international relations and economic dynamics between the US and China.
David:
Accuracy is crucial in international diplomacy. This misquote could have consequences for the US-China relationship and America’s stance on China’s economic growth.
It’s concerning to see a misquote from a prominent political figure like Biden, especially when it comes to such a critical issue like China’s economic growth. Accurate information is essential for productive international relations.