Unresolved economic conflict between the U.S. and China… Xi Jinping’s sales diplomacy is also ‘slanted’

Although the US-China summit decided to resume military dialogue between the two countries, the gap in the economic sector was not narrowed.

While the United States has announced its intention to continue export controls, including semiconductors, President Xi Jinping’s investment attraction efforts are also assessed to have fallen short of expectations.

This is Washington correspondent Kwon Jun-ki.

[기자]

President Xi Jinping, who sat down with President Biden for the first time in a year, did not hide his discomfort with the United States’ export control measures.

[시진핑 / 중국 국가주석 : 세계경제가 회복되고 있지만 여전히 동력은 부족합니다. 산업과 공급망은 계속 중단 위협을 받고 있고 보호무역주의가 확산하고 있습니다. 이 모든 것이 중대한 문제입니다.]

However, President Biden took issue with China’s unfair economic practices and made it clear that he intended to continue pressure.

[조 바이든 / 미국 대통령 : 우리는 미국 기업과 노동자들에게 불이익을 주는 비시장적 경제 관행에 반대한다는 뜻을 분명하고 계속 해결해 나가겠습니다.]

Following the leaders of the United States and China, we also met with the commerce ministers of the two countries who oversee trade and commerce.

Although they agreed to regularize communication, they were unable to narrow down their differences over export control measures.

Wang Wentao, China’s Minister of Commerce, expressed concern over the United States’ semiconductor export controls and high tariffs, noting that the politicization of security affects normal trade and investment.

However, U.S. Secretary of Commerce Gina Lemondo did not take a step back, saying national security issues were non-negotiable.

Export controls are a necessary measure for national security and foreign policy goals.

It is also assessed that it did not meet expectations in terms of attracting investment, which was the biggest goal of President Xi Jinping, who visited the United States for the first time in six years.

The Wall Street Journal reported that President Xi reached out to American companies to become friends, but did not come up with specific measures to attract investment, leaving businesspeople feeling very disappointed.

The Financial Times also predicted that U.S.-China relations are unlikely to thaw and that investment in China will be avoided as long as geopolitical tensions remain.

This is YTN Junki Kwon from Washington.

Cinematography: Kang Yeon-oh
Graphics: Hong Myeong-hwa

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