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China’s Leader Xi Jinping Calls for Closer Trade Ties with the U.S.

BEIJING (AP) ÔÇö In a meeting with top American business leaders in Beijing, China’s nationalist leader Xi Jinping emphasized the importance of strengthening trade ties with the U.S. This comes at a time when relations between the two countries have seen improvement after reaching a low point. Xi highlighted the mutually beneficial economic relationship between the world’s two largest economies, despite challenges such as U.S. tariffs on Chinese imports and concerns over Communist Party influence and intellectual property theft.

ChinaÔÇÖs economy has faced struggles in recovering from self-imposed restrictions during the COVID-19 pandemic, which were only lifted in late 2022. Despite these challenges, Xi pointed out that China is once again contributing to global economic growth at a double-digit percentage rate. The importance of Sino-U.S. relations was underscored by Xi, who stated that the cooperation or confrontation between the two nations has far-reaching implications for both populations and the future of humanity.

The meeting included prominent figures like Stephen A. Schwarzman, the head of investment firm Blackstone. Trade issues and tariffs have become increasingly prominent in the lead-up to the U.S. presidential election. The Biden administration has shown little indication of easing punitive measures against Chinese imports implemented by the previous administration.

Despite improvements in tone between China and the U.S., concerns persist over Chinese industrial practices, trade surplus, and challenges in the Chinese economy such as the property market crisis. China continues to rely on export manufacturing to offset weak domestic demand, while foreign companies depend on China-based manufacturers for their supply chains and access to the large Chinese consumer market.

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Follow APÔÇÖs coverage of China at https://apnews.com/hub/china

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