Commerce secretary says US firms complain China is ‘uninvestable’


Commerce secretary says US firms complain China is 'uninvestable' © Reuters. SUBMIT PHOTO: U.S. Commerce Secretary Gina Raimondo provides her speech at a reception with U.S. Industry and Chinese Government Officials hosted by U.S. Ambassador to China Nick Burns, in Beijing, China, August 28,2023 Andy Wong/Pool through REUTERS/Fil

By David Shepardson

BEIJING (Reuters) -U.S. Commerce Secretary Gina Raimondo stated U.S. business have actually grumbled to her that China has actually ended up being “uninvestable”, indicating fines, raids and other actions versus companies that have actually made it too dangerous to do service on the planet’s second biggest economy.

The remarks, made to press reporters onboard a train as her delegation of U.S. authorities headed from Beijing to Shanghai, supplied a bleak photo of the how U.S. companies see China and were the bluntest Raimondo has actually made on her journey.

” Increasingly I speak with American company that China is uninvestable due to the fact that it’s ended up being too dangerous,” she stated. “So services search for other chances, they search for other nations, they try to find other locations to go.”

Raimondo stated that there was “no reasoning offered” for Chinese actions versus chipmaker Micron Technology (NASDAQ:-RRB-, whose items were limited by Beijing previously this year and turned down any contrasts to U.S. export controls. “There has actually been restricted due procedure which’s why I brought it up.”

Earlier in the day she had stated the United States wishes to deal with China to resolve issues such as environment modification and expert system, consulting with Chinese Premier Li Qiang at a conference in Beijing on Tuesday.

Raimondo is the most recent Biden administration authorities to check out China in a quote to enhance interactions, especially on economy and defense, amidst issues that friction in between the 2 superpowers might spiral out of control.

” There are other locations of worldwide issue, such as environment modification, expert system, the fentanyl crisis, where we wish to deal with you as 2 international powers to do what’s right for all of mankind,” Raimondo informed Li at their conference in the Great Hall of individuals.

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