Raimondo, on a go to to China this week, stated that US firms face new challenges corresponding to fines and ambiguity round a brand new anti-espionage legislation, in addition to persevering with points together with intellectual-property theft and competitors with sponsored Chinese firms.
“Increasingly I hear from businesses, China is uninvestible because it’s become too risky,” Raimondo instructed reporters whereas touring from Beijing to Shanghai on a high-speed prepare.
“There are the traditional concerns that they’ve become accustomed to dealing with,” she stated. “And then there’s a whole new set of concerns, the sum total of which is making China feel too risky for them to invest.”
The US raised a variety of points with the Chinese, together with particular issues with Intel Corp., Micron Technology Inc. and Boeing Co., in addition to different industrial points, Raimondo stated. Meanwhile, China requested that the US decrease tariffs, minimize export controls and scrap plans to restrict some types of outbound funding, Raimondo stated, emphasizing that she refused these requests.
Raimondo is the newest high-level official from the Biden administration to journey to China in current months as a part of an effort by the White House to ease tensions between the 2 powers which have change into more and more strained during the last 12 months.
As the principle promoter of US industries and exports, Raimondo is in search of to spice up commerce and enterprise whereas taking a tough line on safety points. On Monday, the 2 sides agreed to extra dialogue on industrial points and US export controls, which have angered Beijing.
“The very fact that now we would have informal communication, be able to pick up the phone and talk, is a step forward,” Raimondo stated. “It doesn’t imply after we speak, I’m going to compromise or concede. It means we’ve got a shot at lowering miscalculation and sharing data.