Washington sent out a friendly gesture toward Beijing. The commerce department is removing twenty-seven Chinese companies from the U.S. export controls list. This comes as Commerce Secretary Gina Raimondo prepares to visit China by invitation from her Chinese counterpart.
China praised the decision.
The secretary’s visit comes at a critical time. China’s economy is in trouble, and some economists fear that the negative impact could eventually reach beyond China’s borders.
Consumer prices are falling, a real estate crisis is deepening, exports are slumping, and youth unemployment is hitting a record high. The Chinese yuan also fell to its lowest level in sixteen years.
A wide range of discussions will be on the agenda. Topics include challenges faced by U.S. businesses in China—the U.S.-China commercial relationship—and other areas for potential cooperation.
U.S. officials are playing down expectations. White House national security adviser Jake Sullivan said the administration does not expect a big outcome out of the visit.