Business

‘China-US economic ties cannot be severed’


Bangladeshpost
Published : 30 Aug 2019 07:32 PM | Updated : 06 Sep 2020 12:47 AM

The interests of China and the United States have been deeply integrated, and the economic ties of the two countries cannot be severed by any party, an official said on Thursday, reports BSS/Xinhua.

Gao Feng, spokesperson for the Ministry of Commerce (MOC), made the remarks in response to the orders of some U.S. policymakers for U.S. companies to pull out of China and look for alternative markets.

Those who try to force a decoupling of the two economies will inevitably harm others and themselves, not only seriously hurting the interests of U.S. enterprises and people, but also threatening the security of global industrial chains and jeopardizing international trade and the world economy, he said.

In the United States, people from all walks of life have expressed their opposition to such orders.

The National Retail Federation of the United States recently said in a statement that finding alternative sources is a costly and lengthy process. The United States Chamber of Commerce also said that investment by U.S. companies in China is beneficial to the people of the two countries. The essence of Sino-U.S. economic and trade relations is mutual benefit, and the two sides are not opponents in a zero-sum game, but partners of mutual benefit and reciprocity, Gao said. The Chinese side welcomes enterprises from all over the world, including the United States, to invest and do business in China, and China will continue to improve its business environment, he said. Against the backdrop of three consecutive years of decline in global foreign direct investment, China saw more than 24,000 new foreign-invested enterprises established in the first seven months of this year, and foreign direct investment inflows in actual use exceeded 530 billion.

 yuan (74.86 billion U.S. dollars), up 7.3 percent over the same period of last year.

U.S. firm Thermo Fisher Scientific, the country’s leading supplier of biotechnology products and services, signed an agreement in August to set up a new production base in the city of Suzhou, east China’s Jiangsu Province.

U.S. water treatment equipment manufacturer Pentair has increased its investment in research and development in China this year, involving about 16 million U.S. dollars.