“We have a long way to go,” states Secretary Raimondo on business relations between the United States and China

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In a recent interview, U.S. Secretary of Commerce Gina Raimondo acknowledged the complexities in improving the economic relationship between the United States and China. Reflecting on President Joe Biden’s meeting with Chinese President Xi Jinping in November, Raimondo characterized it as a positive step, emphasizing the need for an open and candid dialogue.

While recognizing the importance of initiating the conversation, Raimondo emphasized that significant challenges lie ahead in the bilateral relationship. She underscored the importance of tangible actions by the Chinese government, particularly in areas such as safeguarding U.S. intellectual property, ensuring a fair regulatory environment, and avoiding discriminatory practices against U.S. companies.

Raimondo echoed concerns from CEOs who have reported increasing difficulties in conducting business in China. Despite the challenges, she expressed her commitment to advocating for U.S. businesses and striving to create a level playing field in the economic relationship.

The conversation extended to the U.S. government’s engagement with Nvidia, a leading semiconductor company. Raimondo highlighted the ongoing dialogue with Nvidia and discussed recent regulatory measures limiting the export of advanced artificial intelligence chips to China. The move aimed to balance supporting the U.S. private sector’s innovation while ensuring national security considerations are addressed.

Emphasizing the role of the U.S. private sector in leading global advancements in artificial intelligence, Raimondo stressed the importance of enabling competitiveness and productivity. She recognized the need for companies to navigate international markets, including China, as long as it aligns with national security interests.

In summary, Secretary Raimondo acknowledged the initial positive steps in U.S.-China relations but emphasized the necessity for concrete actions from the Chinese government to address longstanding economic concerns and ensure a fair and secure environment for U.S. businesses.

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