China urges United States to lift sanctions for stable trade relations
The US remains China’s third-largest trading partner, emphasising the importance of ongoing collaboration amid global competition.
China is calling on the United States to lift sanctions on Chinese companies in semiconductors and intelligent connected vehicles, aiming to create a more stable business environment. In a recent conversation with US Secretary of Commerce Gina Raimondo, China’s Minister of Commerce, Wang Wentao, expressed serious concerns over US trade restrictions and emphasised the need to clarify national security policies.
He argued that clear guidelines would protect the stability of global supply chains, which are essential for electronics, automotive, and pharmaceutical industries. Analysts and business leaders emphasise that strong U.S.-China trade relations reduce production delays and disruptions. Despite upcoming election challenges, experts believe cooperation is likely. US companies may advocate for balanced trade policies due to their reliance on China, underscoring the need for a stable and cooperative trade relationship.
Moreover, China’s growing appeal as an investment destination is underscored by its third-place ranking on the 2024 Kearney FDI Confidence Index. Consequently, businesses increasingly view China as a vital market and innovation hub, with companies like Dun & Bradstreet and Skechers expanding their operations in response to its strategic supply role and vast consumer base. In addition, business leaders advocate for deeper US-China trade relations, recognising collaboration’s competitive advantages.
Furthermore, recent trade data reveals that the US remains China’s third-largest trading partner, with a trade volume of 3.15 trillion yuan ($446.21 billion) in the first eight months of 2024. This robust trade relationship highlights the critical need for ongoing cooperation between the two economies, especially in an increasingly competitive global landscape.