Ahmed Moustafa writes
The demonization of China is inevitable, as long as US administrations cannot block its progress.
The more American institutions fail to stop the acceleration of China’s industrial and technological progress, the more they try to demonize it. After last year’s allegedly fabricated report from the Congressional Governmental Affairs Committee produced by Sen. Rob Portman, that China is trying to create a client network of economists within the Fed itself.
Whereas the US Secretary of Defense failed to hold a meeting with his Chinese counterpart several times, it was as if China was teaching America a lesson in strategy because of the latter’s inappropriate positions about Taiwan and its arming, which violates China’s sovereignty and strategy in the South China Sea.
And after the visit of US Secretary of State Anthony Blinken to try to calm the atmosphere between the two countries, which represent the two largest economies in the world.
Whereas China imposed a ban on the American company Micron Technology Memory Chips, and after imposing a ban on the export of gallium and germanium ore, which represent the most important components of semiconductor manufacturing, of which America imports nearly 50% of it from China only, in exchange for the ban and sanctions imposed by America on companies and countries that sell semiconductors of China.
Whereas the volume of China’s exports to America, despite all the previous differences, amounts to 435 billion dollars, and there is no one to replace it, nor the European Union itself, according to the US Treasury.
Whereas China is the second largest creditor to the United States, with a debt size of $860 billion in the form of US Treasury bonds.
And, whereas China imposed a new law regarding national security and espionage, which has repercussions for foreign companies and investors inside China, especially American ones.
The visit of Janet Yellen, Chair of the Federal Reserve, will come to the Chinese capital, Beijing, over three days (July 6-8, 2023) to discuss the aforementioned issues. In confirmation of what was reported by Reuters and other international news agencies.
It confirms the attempt to continue good economic and strategic relations between the two largest economic and strategic powers in the world.
As well as the reasons for limiting foreign investment in China in some vital sectors, and ensuring that they do not believe that something is more attractive than it is or is intended to be.
And because of the need for both China and America to devote themselves to major global issues such as climate change and the attempt to alleviate the burden of debts that afflict many countries in the world due to the financial hurricane in 2008, then the Corona pandemic, then the war in Ukraine.
The official plans to tell China’s new economic team that Washington will continue to defend human rights and its own national security interests through targeted actions against China.
A second administration official told Reuters that Yellen was expected to meet with Chinese Vice Premier He Lifeng.
Yellen will underscore Washington’s determination to boost its competitiveness while responding with allies to what Washington calls “economic coercion” and unfair economic practices by China.
In the end – will Yellen succeed with China where others have failed? This is what the results of the visit will tell us about.
