The Ministry of Commerce (MOFCOM)
Chinese officials' meetings with foreign representatives have sent a clear signal on China's unswerving commitment to opening-up, and is testimony to China's increasing role as a magnet for foreign investors. Beijing's concrete welcoming gesture is also a divergence from Washington, which has spared no effort to suppress Chinese companies in the US, even at the cost of sinking its own national reputation, experts said.
Wang said China will unswervingly promote high-level opening-up, and steadily expand institutional opening-up with regard to rules, regulations, management and standards. China is willing to provide a good and stable business environment for foreign companies, including Apple, to invest and operate in the country, according to the official website of the Ministry of Commerce.
He, (Xi), noted that China will remain committed to its fundamental national policy of opening to the outside world, pursue a mutually beneficial strategy of opening up, and continue to create new opportunities for the world with new advances in China's development.
China will steadily expand institutional opening up with regard to rules, regulations, management and standards, and will work with all countries and all parties to share the opportunities from its institutional opening up, Xi said
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It appears Nixon established the first US-China economic ties in 1972 to lure China away from a burgeoning alliance with the Soviet Union. That was 50 years ago, but whose counting. The engagement was clearly tilted toward China, with the intentions of creating a dependency in China on the huge export market the US represented then and going forward. The plan worked. It required that US companies look the other way or pay lip service as China’s state industries stole US technology and denied them access to their domestic and financial markets.
The technology gap between the US and China was so great that even the technology they pilfered was generations behind US latest technologies. The huge cost saving companies like Apple and Nike realized overshadowed the lost incremental gains the US gave up by ignoring China’s protectionism. I have not seen it discussed anywhere but contracting our labor shortages out to China also allowed the US to maintain a fairly restrictive immigration policy.
Over time, China grew a middle class and began to grow its own small capitalist class. As China became more affluent and accumulate the wealth to invest in home-grown research, it began to eye replacing its mentor on the world stage. This may have been in response to the fall of the Soviet Union, the presumptive counterweight to US hegemony. China’s growing ambitions forced the US to begin to reduce its dependence on China for its labor needs.
The US had ample examples of China’s protectionism to justify temping down the flows with wide-ranging tariffs in 2018. The resulting decoupling as it became known continues at an accelerated rate today. The whole process was complicated by the COVID epidemic, and China found itself in serious economic jeopardy as it began to reopen its society in 2022.
In order to salvage its non US markets, China has pulled out all the stops in the past 60 days and without admitting that they had been executing protectionist polices are announcing to the world that they are relevant on the global stage and open for fair and mutually beneficial trade agreements.
This is an opportunity for the Middle Eastern countries, Central Asia and the African continent. We’ll see how it plays out for the US