BEIJING: In a letter marking the 50th anniversary of a committee on China-US trade, Chinese president Xi Jinping said that the ongoing modernization efforts in China would prove beneficial for US firms.
This statement emerged during a gala dinner in Washington, where US Treasury Secretary Janet Yellen accused Beijing of engaging in “unfair economic practices.”
Addressing concerns raised by US companies regarding an allegedly unjust business environment in China, Xi Jinping underscored China’s commitment to “unswervingly promote high-level opening up to the outside world.” He emphasized the intention to create a market-oriented, rule of law-based, and internationalized business environment.
According to state broadcaster CCTV, Xi stated, “Chinese modernization will bring more opportunities to global enterprises, including American ones.”
However, Yellen, in her speech at the US-China Business Council’s anniversary dinner, called for China to shift from a state-driven approach in economic policy, expressing concerns that such a model could discourage investors. She highlighted the need for discussions on “difficult areas of concern” during her next trip to China as Treasury chief.
Tensions between China and the United States have been heightened in recent years, particularly over trade and security issues. Nonetheless, a significant meeting between Xi Jinping and U.S. President Joe Biden in San Francisco in November marked a turning point, leading to the restoration of military communications and an agreement to enhance cooperation.
Xi Jinping’s letter acknowledged the importance of the meeting, stating that the two leaders had “reached important consensus.” He expressed China’s willingness to collaborate with the United States based on principles such as mutual respect and peaceful coexistence. Xi highlighted the significant potential, broad space, and promising prospects for strengthening China-US trade cooperation.
