The Chinese government expressed concern about deer, considering national security politics that will affect trade and investment, in reference to China’s new export controls on semiconductors and sanctions against companies from the Asian giant. This was announced by the Chinese Minister of Commerce, Wang Wentao, and the US Secretary of State for Commerce, Gina Raimondo, at the APEC economic forum summit in San Francisco.
Wang wanted to point out the need to define the boundaries of national security as well as state his own concern about the export rules of semiconductors from the United States to China, penalties to prevent Chinese companies, bidirectional investment restrictions, and duties. The two executives continued “pragmatic, constructive, and fruitful communication” regarding bilateral relations on economic and business matters, as well as “economic and commercial issues of common interest,” the Chinese Ministry said in a statement today.
And in October, China and the United States held the first meetings of two other new working groups, dedicated to economic and financial matters.
Since the beginning of 2018, the two countries have been engaged in a trade and economic war that has further strained relations and led to conflicts in other areas, such as technology, leading to the semiconductor crisis. However, these new meetings show what they consider to be “positive progress” in bilateral communication.
“China is willing to cooperate with the United States to implement the consensus reached in the meeting, following mutual respect, peaceful coexistence, and cooperation for the benefit of each other”, strengthen dialogue to manage differences, and create a good environment for trade and investment cooperation between the two countries,” said the Chinese Ministry of Commerce.
In the same way, they agreed that the Ministries of Commerce of the two powers would celebrate the first dialogue meeting in the working group of the trade of the first trimester next year to promote the development of Sino-American business cooperation as well as the establishment of an intergovernmental dialogue mechanism between China and the United States on standards and conformity assessment.
Likewise, they also announced that they will hold a technical meeting in January 2024 on strengthening the protection of trade secrets and confidential business information in administrative licensing processes.