US Commerce Secretary Gina Raimondo voiced concerns over the challenging and unpredictable regulatory environment faced by US businesses.
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Speaking openly about these issues, the US Commerce Secretary emphasized that the patience of American companies operating in China is rapidly dwindling. Raimondo’s statements came after observing a series of unexplained fines, sudden business raids, and modifications to China’s counterespionage laws. During her discussions with China’s top leaders, the US Commerce Secretary did not shy away from addressing sensitive bilateral matters. She described the current situation as making China “uninvestible” for many US firms. Despite these challenges, Raimondo remained hopeful for a potential solution, stating, “Patience is wearing thin among American business. They need and deserve a predictable environment.” The US Commerce Secretary’s trip also highlighted a 20% decline in bilateral trade between the two countries this year. China’s current economic difficulties, worsened by pandemic-induced lockdowns and a spiraling crisis in the real estate sector, were also on the US Commerce Secretary’s radar. She pointed out that China’s economic health was considerably better when the country maintained transparency and a market-oriented approach. “As they have closed down and become more arbitrary in the way they administer regulations, the economy is quite challenged,” said the US Commerce Secretary during her interview with CBS’s Face the Nation.
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China’s current economic difficulties, worsened by pandemic-induced lockdowns and a spiraling crisis in the real estate sector, were also on the US Commerce Secretary’s radar. She pointed out that China’s economic health was considerably better when the country maintained transparency and a market-oriented approach. “As they have closed down and become more arbitrary in the way they administer regulations, the economy is quite challenged,” said the US Commerce Secretary during her interview with CBS’s Face the Nation. Addressing a more personal concern, the US Commerce Secretary revealed that her email was hacked just before her August visit to China. Though Chinese officials denied any knowledge or intent behind the hack, Raimondo stressed the importance of building mutual trust. In a climate where the world’s two largest economies are enmeshed in a trade and tech feud, such actions only further strain relations. The US Commerce Secretary’s stance on this matter was evident, highlighting the ongoing challenges in US-China relations.
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