Following his meeting with Vladimir Putin, US President Joe Biden advised Chinese President Xi Jinping to “be careful” since Beijing depends on foreign investment. This occurs while US-China relations are under increased stress.
“I said: This is not a threat. This is an observation. Since Russia went into Ukraine, 600 American corporations have pulled out of Russia. And you have told me that your economy depends on investment from Europe and the United States. And be careful. Be careful,” Joe Biden advised CNN.
Putin and Xi held two days of talks in March during which they expressed their camaraderie and shared condemnation of the West. However, there was no evidence of a diplomatic breakthrough with the conflict-torn Ukraine. They furthermore took part in this week’s virtual summit.
According to Reuters, there are rising US export limits on cutting-edge technology, increased tensions, and pessimism between the US and China over problems relating to national security, such as Taiwan, Russia’s conflict in Ukraine, and China’s state-led economic policy.
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On Saturday, US Treasury Secretary Janet Yellen continued her trip to China. While China’s leader urged her to “meet China halfway” and restart bilateral relations, she demanded market reforms in China and criticized its recent harsh actions against US firms and mineral export limits.
In an effort to mend strained economic ties between the US and China, Yellen spoke with Premier Li Qiang while in Beijing. However, she made it plain in her public statements that Washington and its Western allies will continue to push back against what she termed China’s “unfair economic practices.”
“We seek healthy economic competition that is not winner-take-all but that, with a fair set of rules, can benefit both countries over time,” Yellen said to Chinese Premier Li Qiang in a meeting on Friday that the Treasury described as “candid and constructive.”
In a statement made public by China, Li called for improved coordination, agreement on economic matters, and “candid in-depth and pragmatic exchanges, so as to inject stability and positive energy into Sino-US economic ties.”
