Raimondo: crucial US, China have stable economic relationship

By David Shepardson

BEIJING (Reuters) – U.S. Commerce Secretary Gina Raimondo opened talks with Chinese government officials on Monday saying it is “profoundly important” the world’s two largest economies have a stable economic relationship.

She said the entire world expects the United States and China will have a stable economic relationship; the two countries share more than $700 billion in annual trade.

“It’s a complicated relationship. It’s a challenging relationship. We will of course disagree on certain issues,” Raimondo said. “I think we can make progress if we are direct, open and practical.”

Raimondo is holding three days of talks with Chinese and business leaders in China to boost business ties between the world’s two largest economies. She is scheduled to meet with Minister of Commerce Wang Wentao for about two hours on Monday.

Wang said the US-China economic relations matter not just to our two countries, but also to the rest of the world and appreciated Raimondo’s remarks that she likes trade with China. He is ready to work together to “foster a more favorable policy environment” for US and Chinese businesses.”

Relations are tense as the United States works with allies to block China’s access to advanced semiconductors, while Beijing is restricting shipments from prominent chip company Micron Technology (NASDAQ:) and raided and fined U.S. firm Mintz Group $1.5 million for doing “unapproved statistical work.”