The United States is looking for a more predictable business environment in China for American businesses. US Commerce Secretary Gina Raimondo spoke with Shanghai Communist Party leader Chen Jining during her four-day trip to the country.
Raimondo said that a stable US-China economic relationship is good for the world. She added that she hopes for a more predictable business and regulatory environment in Shanghai. In addition, she wants a level playing field for US businesses in the city.
According to bookie pay per head reports, the lack of legal protection for intellectual property and the preferential treatment of domestic rivals have long been cited as complaints by American companies operating in China.
More Predictable Business Environment in China
This year’s widespread crackdown on American consulting firms doing business in China has added to those concerns.
Foreign and domestic companies have been alarmed by the new anti-espionage law on July 1. According to business news reports, these businesses try to understand the authorities’ motivations and, most importantly, determine what is illegal.
According to a US Department of Commerce summary, Raimondo brought up what the United States perceives as China’s unfair trade practices at a meeting with Vice Premier He Lifeng on Tuesday in Beijing.
In addition, she stressed the “necessity of bolstering the protection of trade secrets for American enterprises working in China.”
The United States recently sent several high-ranking officials to China, including the commerce secretary, to strengthen relations with its primary strategic foe.
Raimondo has used the trip to have more frank conversations on trade restrictions with the Chinese, and the two countries have agreed to form a working group to resolve their many trade disagreements.