Commerce secretary states United States companies grumble China is ‘uninvestable’

Commerce secretary says US firms complain China is 'uninvestable'

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U.S. Commerce Secretary Gina Raimondo shows up for a conference with her Chinese equivalent Wang Wentao, at the Ministry of Commerce in Beijing, Monday,Aug 28, 2023.

Andy Wong|Pool|through Reuters

U.S. Commerce Secretary Gina Raimondo stated U.S. business have actually grumbled to her that China has actually ended up being “uninvestable,” indicating fines, raids and other actions versus companies that have actually made it too dangerous to do company worldwide’s second-largest economy.

The remarks, made to press reporters onboard a train as her delegation of U.S. authorities headed from Beijing to Shanghai, offered a bleak photo of how U.S. companies see China and were the bluntest Raimondo has actually made on her journey.

“Increasingly I hear from American business that China is uninvestable because it’s become too risky,” she stated. “So businesses look for other opportunities, they look for other countries, they look for other places to go.”

Raimondo stated that there was “no rationale given” for Chinese actions versus chipmaker Micron Technology, whose items were limited by Beijing previously this year and declined any contrasts to U.S. export controls. “There has been limited due process and that’s why I brought it up.”

Earlier in the day she had stated the United States wishes to deal with China to fix issues such as environment modification and expert system, talking with Chinese Premier Li Qiang at a conference in Beijing on Tuesday.

Raimondo is the most recent Biden administration authorities to go to China in a quote to enhance interactions, especially on economy and defense, in the middle of issues that friction in between the 2 superpowers might spiral out of control.

“There are other areas of global concern, such as climate change, artificial intelligence, the fentanyl crisis, where we want to work with you as two global powers to do what’s right for all of humanity,” Raimondo informed Li at their conference in the Great Hall of the People.