Treasury declined to comment on whether Neiman will raise either the iPhone ban or the Huawei smartphone issue with officials during his trip to Hong Kong. ![]() ![]() The rollout set off alarm bells in the West because the smartphone relies on US technology that American officials had tried to block China from accessing. The apparent iPhone ban drove down shares of Apple, America’s most valuable company, raising the difficult question: If Apple, which has deep ties to China, can’t succeed there, who can?ĭuring Raimondo’s trip, China’s Huawei unveiled a new smartphone powered by an advanced chip. Following Yellen’s visit last month, the Biden administration detailed new rules limiting US investments in advanced technology industries in China.ĭays after Raimondo’s visit in August, Beijing reportedly banned the use of iPhones by government officials and state-backed firms. That incident further complicated what is already the most important and complicated bilateral relationship on the planet.ĭespite criticism from some Republicans, the administration has tried to cool temperatures with Beijing by sending a flurry of officials to mainland China in the past few months, including Secretary of State Antony Blinken, climate envoy John Kerry, Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo.Įven after the visits by US officials, Washington and Beijing have continued to throw punches at each other’s economies. US-China relations hit a low early this year after President Joe Biden ordered the shootdown of a Chinese spy balloon. “This could be dangerous for the global economy because China is such an important contributor to world growth,” said Ilaria Mazzocco, senior fellow in Chinese business and economics at the Center for Strategic & International Studies in Washington. Beijing is struggling to turn the page on high youth unemployment, tepid export demand and a crisis-hit property sector. ![]() China is experiencing a slump that is casting a shadow over the world economy. Hong Kong is a semi-autonomous Chinese territory that is also the country’s international financial center. “Neiman will stress the United States’ focus on securing and advancing our economic and national security interests, along with those of our allies, and protecting human rights,” the Treasury official told CNN. Notably, the Treasury official also plans to address hot-button issues, including human rights, a thorny subject given Beijing’s history of human rights abuses and its complicated relationship with Hong Kong. ![]() He is also set to meet with US companies that are members of the American Chamber of Commerce in Hong Kong as well as with students.Īccording to the US official, Neiman will discuss the “financial ties behind the US-China relationship and the importance of communicating on financial and regulatory matters as well as macroeconomic and financial developments in Hong Kong and China.” Joining a growing list of US officials visiting the region, Assistant US Treasury Secretary Brent Neiman is traveling to Hong Kong on Wednesday as part of an effort to “deepen ties between the world’s two largest economies,” a Treasury official tells CNN.ĭuring the trip, Neiman - the highest-ranking Treasury official to visit Hong Kong since 2019 - plans to meet with government officials, private sector economists and executives from the financial and legal sectors. A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |