Your trusted source for the latest news and insights on Markets, Economy, Companies, Money, and Personal Finance.
Biden Warns Of Economic Crisis If China Is Not Addressed.jpg

Biden Warns of Economic Crisis if China is Not Addressed

President Biden expressed concerns on Thursday about the economic struggles in China, particularly high unemployment rates and an aging workforce. He referred to China as a “ticking time bomb” that could pose a threat to the global economy and other nations.

During a fundraising event in Park City, Utah, President Biden stated, “When bad folks have problems, they do bad things.” This is not the first time the president has criticized China, even as his administration attempts to improve the relationship between the two countries.

Earlier this year, President Biden referred to China’s President Xi Jinping as a “dictator” during a fundraiser in California. He also mentioned the incident involving a spy balloon flying over the United States and a recent discovery of malicious computer code inserted into U.S. military base networks.

President Biden emphasized that he is seeking a “rational relationship with China,” but he still sees China as America’s biggest economic competitor. He stated, “I don’t want to hurt China, but I’m watching.” The president’s remarks highlight the delicate diplomatic balancing act between easing tensions with China while addressing the economic and military challenges posed by the country and its Communist leadership.

Since the spy balloon incident and the discovery of malicious computer code, relations between the two countries have become strained. President Biden has expressed a desire for “competition, not conflict” with China and has taken steps to minimize the possibility of direct military clashes over the South China Sea and Taiwan’s future.

American officials have recently engaged with their Chinese counterparts, and Commerce Secretary Gina Raimondo is expected to visit China in the coming weeks.

President Biden has also taken aggressive actions to contain China’s rise and restrict its military advancement through the use of American-developed technologies. He signed an executive order banning American investment in certain Chinese technology industries that could enhance Beijing’s military capabilities. In response, the Chinese government suggested that it would retaliate and accused the United States of politicizing and weaponizing trade.

President Biden’s remarks on Thursday may complicate efforts to schedule an in-person meeting between him and President Xi in the coming months. The two leaders have not met face-to-face since last November’s Group of 20 summit in Indonesia. It is unclear if they will have an in-person meeting at the Asia-Pacific Economic Cooperation summit later this year in San Francisco, which President Xi is expected to attend.

Share this article
Shareable URL
Prev Post

3 Retailers to Monitor Closely Next Week

Next Post

Park Holidays UK Leverages IGEL to Accelerate Mergers & Acquisitions, Cloud Migration and Microsoft 365 Adoption

Leave a Reply

Your email address will not be published. Required fields are marked *

Read next