The American and Chinese flags stand behind a microphone at the U.S. Embassy in Beijing April 9, 2009.
Frederic J. Brown | AFP | Getty Images
US Commerce Secretary Gina Raimondo met with her Chinese counterpart Wang Wentao in Washington DC on Thursday to discuss “concerns” about bilateral trade.
Marking the first cabinet-level exchange between the two countries in months, the United States spoke about American companies operating in China.
According to a reading by Commerce Department“The two men had candid and substantive discussions on issues related to the U.S.-China trade relationship, including the general environment in the two countries for trade and investment and areas of cooperation. potential.”
Raimondo also “raised concerns about the recent wave of RPC [People’s Republic of China] action taken against US companies operating in the PRC,” he said.
The bilateral exchange between Raimondo and Wang comes as market watchers watch closely whether the United States will limit American investment in China, as relations between the world’s largest economies deteriorate.
The Group of Seven leaders met with Hiroshima over the weekend and pledged to “de-risk and diversify” from Chinese reliance, adding that some of Beijing’s practices “distort the global economy”.
The high-level talks come as China would have carried out inspections on American audit firms on the continent for undermining national security.
Earlier this week, China announced it would ban certain product purchases from a US memory chip maker. Micron — banning operators of “critical information infrastructure” in China after a security review conducted by the Cyberspace Administration of China.
In response, the US Department of Commerce spokesperson said, “We strongly oppose restrictions that have no basis in fact.” He said the department would engage with the Chinese government to “detail” its position and seek clarification.
In the press release issued by chinese ministry of commerce after his meeting with Raimondo, Wang also expressed concerns about US policies on semiconductors and export controls.
“Both sides agreed to establish communication channels to maintain and enhance exchanges on specific economic and trade concerns and cooperation issues,” he added.
Wang is expected to meet with U.S. Trade Representative Katherine Tai during his visit to the United States, where he is to attend the Asia-Pacific Economic Cooperation Trade Ministers’ Meeting.